July Market Review

Foreign and domestic equity markets generally moved higher in July with smaller companies and emerging market
companies leading the charge as the economy continues to prove resilient. Earnings have generally come in above
expectations which has helped fuel higher market prices.

It is worth noting that the broad market (and especially the tech heavy parts of the market) has logged its 5th
consecutive month of gains despite many calls for poor performance at the start of the year by prominent analysts.

Fixed income markets were mixed in July; however, short- to intermediate-term investors continue to see their income
increase as yields rise.

On an economic front, The Fed raised rates in July — after pausing in June — and market participants are largely split on
whether they will increase rates, hold rates steady, or cut rates in the remainder of the year. The Fed Funds rate is now
5.25% to 5.5% which is the highest it’s been since 2007.

With earnings season ending, market participants will remain focused on key economic data including inflation prints,
jobless claims, consumer credit, and more.

Given the strong start to the year, investors may be wondering if the market gains can persist. To that end, investors
should always expect a market pullback or correction even during the healthiest markets.


The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or
complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a
recommendation. Any opinions are those of Jeff DeLarme and not necessarily those of Raymond James. Past performance may not
be indicative of future results. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be
correct. The information contained in this email does not purport to be a complete description of the securities, markets, or
developments referred to in this material. Investing involves risk and you may incur a profit or loss regardless of strategy selected.

DeLarme Wealth Management

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