Market Update—Month Ending July 31, 2023

Equity markets rallied in July, with rising investor confidence helping to support stocks to start the second half of the year. The S&P 500 rose 3.21 percent during the month while the Dow Jones Industrial Average gained 3.44 percent. The Nasdaq Composite led the way with a 4.08 percent gain as technology stocks continued to rally. These positive results helped bring all three indices near their respective all-time highs that were set in late 2021 and early 2022.