A combination of factors aligned in July to support an overall strong month for equity returns. Signs of progress on the international trade front helped to reduce investor fears as the administration reached new agreements with several key trading partners although much work remains left to be completed. A tempering of trade uncertainty was further buoyed by a string of economic reports that suggest tariffs have not yet significantly hampered economic growth while optimism has grown about the possibility of Fed easing later in the year. Lastly, continuing enthusiasm tied to the potential from artificial intelligence supported relatively strong performance in the technology sector. This confluence of bullish factors presented a generally positive market backdrop as companies reported second quarter earnings results. The encouraging July market performance, however, did face a setback going into August as the July jobs report fell short of expectations with substantial downward prior month revisions.