Equities March Higher While Fed Asserts Its Independence

  • Once again, equities rose for the week (ended July 25th) with the S&P 500 up nearly 1.5%, the Nasdaq just over 1.0%, the Dow just under 1.3%, and even small cap stocks participated (Russell 2000 +0.9%).1 The month to date numbers are positive for each index in the +1.4% to +4.0% range. 2025 year to date appears to be favoring the tech heavy indexes (S&P 500 and Nasdaq) but not so much the old-time industrials (DJIA) or small caps (Russell 2000).