July 2023 Commentary: Hot Streak


  • Markets continued their hot streak in July, and the S&P 500 posted its fifth consecutive month of positive returns, ending the month up 3.2%.
  • With more than 85% of S&P 500 companies having already reported, Q2 2023 will likely be the third consecutive quarter of corporate earnings contraction.
  • The day after Treasury issued its substantially higher borrowing estimates for Q3, ratings agency Fitch downgraded the U.S. from AAA to AA+, citing concerns of fiscal governance and a growing government debt burden.
  • Poor fiscal dynamics are unlikely to abate any time soon as many of the factors driving higher deficits appear to be structural.

Read and download the commentary here.

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