The month of July showed what some (including Stork in previous insights letters) warned would happen, but investors were too greedy to heed. The so called magnificent 7 (Microsoft, Amazon, Meta, Apple, Alphabet, Nvidia, Tesla) suffered following earnings releases by Tesla and Alphabet, losing a grand $ 2.6T in market cap in the past 20 days. Meanwhile, the S&P 493 had a decent month. But with the weight of the 7 mega caps in the index, a negative performance was unavoidable. Is this the beginning of a sector rotation? It is hard to say, but in our summary recommendation and graph of the month, we make the case that it could be.

The month of June had more political events than we are used to (or like to have), but not every market reacted the same way. The most talked about is probably the European Parliament elections, which took a heavy turn to the right, dealing a big blow to the parties in power.

The centuries old saying once again proved to be more of a myth than reality. In fact, statistically speaking, the saying should be “Sell in September…”.

Another month, another record high. It seems there is no stopping the developed market indices. In three months, equities have generated the performance of what could typically be called a good year.

Another month, another record high. It seems there is no stopping the developed market indices. In three months, equities have generated the performance of what could typically be called a good year.