Markets posted mixed results in July. International Developed Markets rose 2%, while Emerging Markets fell 3% in the opposite direction. The blue-chip Dow Jones Industrial Average logged a 0.4% increase, the S&P 500 was off a slight 0.1%, and the tech-heavy Nasdaq was the largest laggard for the second straight month, slipping 3.2% in July.

Sector performance was split rather evenly for the second consecutive month, with six of the eleven sectors ending the month higher. Energy led with a 12.1% gain, followed by Financials up 6.2% and Health Care rising 2.5%. Technology was the largest laggard in July, slipping 8%.

Oil prices shot higher in July after plummeting in June. The price of Brent crude soared 30.3% in July to $91.82 per barrel, while WTI ended July up 19.4% to finish the month at $84.25. Mortgage rates logged incremental increases in July as inflation reversed course after three consecutive monthly increases.

Treasury yields moved higher at the longer end of the curve. The 10-year, 20-year, and 30-year spiked 31, 35, and 36 basis points, respectively. Bond funds slipped as a result, with the exception of the shorter-term State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) which rose 0.3% in July. The iShares 20+ Year Treasury Bond ETF (TLT) sank 4.5% in July.

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