Looking Beyond Recession

Aug. 01, 2022 7:20 PM ETCOMP.IND, IWM, SPY, EFA, EEM2 Comments
Michael Loewengart profile picture
Michael Loewengart


  • July’s rally was led by a rebound in growth stocks: The tech-heavy Nasdaq Composite was the strongest major U.S. index, followed by the small-cap Russell 2000.
  • All S&P 500 sectors were positive in July.
  • International stocks underperformed the U.S. by a fairly wide margin last month.
  • July saw a big shift in the interest rate landscape: Short-term rates jumped while long-term rates dipped.

Young woman watching birds with binocular on lake. Scientific research

Elena Goosen/iStock via Getty Images

In some ways, July was the exception to 2022’s rule - stocks rallied, growth outperformed value, and commodity prices mostly cooled. But in other ways, last month was more of the same, with inflation hugging four-decade highs, the Federal Reserve keeping its foot

July 2022 US equity performance

FactSet Research Systems

July 2022 sector performance

FactSet Research Systems

July 2022 international equity performance

FactSet Research Systems

US Treasury yield curve as of July 31, 2022

FactSet Research Systems

This article was written by

Michael Loewengart profile picture
Mike Loewengart is Head of Portfolio Construction for Morgan Stanley Portfolio Solutions and a Managing Director in the Morgan Stanley Wealth Management Global Investment Office. He joined Morgan Stanley via the acquisition of E*TRADE Financial where he was responsible for the asset allocation and investment vehicle selections used in E*TRADE advisory platforms. Prior to joining E*TRADE in 2007, Mike was the Director of Investment Management for a large multinational asset management company, where he oversaw corporate pension plan assets. Early in his career, Mike was a research analyst focusing on investment manager due diligence for the consulting divisions of several high-profile investment firms. Mike holds series 7, 24, and 66 designations, as well as the Chartered Alternative Investment Analyst (CAIA) designation. He is a graduate of Middlebury College with a degree in economics.

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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