Attached is the Maridea Monthly Market Update for July 2024. This report offers a snapshot of key trends shaping the current economic and market landscape. Here are the takeaways for this month:

• Stock Market Recap: The stock market is off to a strong start this year with the S&P 500 gaining over +15.2% YTD return. Much of this gain is due to the Magnificent 7, which contributed +34.9% return this year.
  

• Credit Market Stability: Despite volatile Treasury yields, bonds posted relatively flat returns in Q2, with corporate investment-grade bonds generating a -0.5% total return and high yield bonds gaining 0.7%.
  

• Global Landscape: Global central banks are starting to cut rates. While the Federal Reserve waits for more confirmation that U.S. inflation will return to target, the trend among global central banks has shifted decisively away from tightening.
  

• Economic Surprises in Q2: There was an increase in negative economic surprises in Q2, with slower job growth, higher unemployment, declining retail sales, and a reported slowdown in economic growth.
  

• Outlook for Q3: Investors started this year expecting the Federal Reserve to cut interest rates in March; however, they are still waiting for the first interest rate cut. Investors are focused on the Federal Reserve’s potential rate cuts, upcoming corporate earnings reports, economic data, and the presidential election, with ongoing adjustments to portfolios based on these factors.

View Attached Report