July delivered a healthy start to the third quarter before markets became ‘tarrified’ in early August. After a robust first half 2019, the S&P 500 managed to post a 1% return in July despite most smaller stocks posting declines during the month—a byproduct of cap-weighted index construction. A convincing rotation toward global monetary policy support and a brief respite from trade wars (until August) outweighed other prevalent macro concerns including global economic growth, Brexit uncertainty, and percolating Middle East tensions.