Monthly Commentary

Stocks higher as summer begins. Will they hold through the dog days?

The S&P 500 rose an impressive 3.72% in July, supported by strong economic and earnings growth as well as a slight lessening in trade tensions. Via Nova’s outlook remains positive, but near term, the dog days of summer may weigh on stocks particularly in a mid-term election year.



  • There was no place to hide in February.
  • Economic reports suggested accelerating strength.
  • Via Nova’s outlook for the stock market remains positive, but increased volatility could be the new normal.


"We also appear to be seeing three emerging forces that may prompt investors to temper their elevated expectations: accelerating inflation, a more aggressive Federal Reserve and a looming trade war."