In many ways, July was both the best of times and the worst of times. We saw some good news on the financial front. U.S. markets hit new all-time highs, and earnings reports substantially beat expectations. Dropping interest rates also helped drive markets higher, with bond markets rallying on those lower rates.
Abroad, the news was more of a mixed bag. While developed markets did well (although less so than U.S. markets), emerging markets got hit hard on rising worries about the pandemic and ended the month down substantially.
Let’s take a closer look at the big picture in July—and where that leaves us as we head into August.
Medical Risks Rise in July
Medical risks surge. July saw a substantial increase in infections globally, due largely to the spread of the Delta variant of the COVID-19 virus. This…