Beneath the Surface: Why July‘s Rotation Doesn’t Change Our Thesis
Ad Hoc Brief
By: CIO Office
The S&P 500 closed July near 7,500, essentially flat and a whisper below its June record. If that’s all you looked at, you’d think nothing happened last month. Underneath, this was one of the more significant sector rotations we’ve seen in some time, and it’s worth understanding why, because it changes nothing about our thesis while telling you a lot about how this market is actually working right now.