Rosemeyer Management Group
July 2026 Market Snapshot
July in Review
July was characterized by two narratives impacting markets: the Iran conflict and the artificial intelligence (AI) investment boom. Escalating tensions early in the month briefly pushed oil above $100 per barrel and broader markets pulled back while energy stocks advanced. As these concerns eased, investors shifted their focus back to corporate earnings. While earnings reports have continued to beat expectations across all sectors, semiconductor stocks sold off as investors analyzed the potential return on AI investments. As a result, value outperformed growth, and the S&P 500 was essentially flat for the month. In bond markets, the US Aggregate Index fell by over 1% as investors reassessed the inflation outlook amidst geopolitical tensions and robust economic metrics. These factors combined to push fixed income yields higher in July.
| Index | 1 Month | YTD |
|---|---|---|
| Dow Jones Industrial Average | 0.38% | 10.17% |
| Standard & Poor’s 500 Average | -0.06% | 10.14% |
| Russell 2000 (Small Cap Index) | -3.03% | 18.85% |
| Total U.S. Stock Market | -0.51% | 10.48% |
| MSCI ACWI ex USA (Intl. Index) | 0.34% | 14.08% |
| Barclay’s U.S. Agg. Bond Index | -1.30% | -0.69% |
Looking Forward
We move into August, which – contrary to the widespread belief that it marks the summer doldrums of the market – is historically one of the strongest months of the year for markets. As has been the case the past few months, it is likely that markets in August will continue to pivot their focus between the AI capex spree and any flare-ups in the Middle East. While a lasting peace deal with Iran would almost certainly be positive for markets, investors have developed a seeming indifference to the whipsaws of the Iran conflict. Movements in oil prices will likely have greater market impact than news of peace negotiations. In corporate news, 85% of reporting S&P 500 companies so far have beat their already-buoyed earnings expectations. While earnings results are important, investors are analyzing company outlooks with much more scrutiny especially as it pertains to their AI profitability outlook. Earnings in the present are wonderful, but investors will continue to digest the sustainability of this profitability boom as we move into the back half of 2026.
On a Personal Note
On July 11th, Brooklyn Strang married her high school sweetheart Lucas Flanagan in a beautiful ceremony in Barneveld, Wisconsin, surrounded by family and friends. We are so excited to celebrate this special milestone with Brooklyn and Lucas and congratulate them on the beginning of this new chapter together. We wish them a lifetime of love and joy and pray for many blessings upon their new family!
Rosemeyer Management Group
Investment Advisory Services offered through RMG Wealth Management, LLC. Licensed in CO, FL, IA, IL, MA, MN, MO, MT, NV, NY, WA, WI, WV & TX.
i JPMorgan Asset Management, August 3, 2026
