Global equities diverged in July amidst low equity market volatility. U.S. stocks continued to rally heading into July’s highly anticipated Federal Open Market Committee (FOMC) meeting. Domestic equity returns were strong out of the gate and remained in positive territory throughout the month. In the United States, large-, mid-, and small-cap stocks all finished the month higher, while results across sectors were mixed. Across the major market segments, volatility was lower in July than it was in June and well below its five-year average. The price of oil fell for the third straight month as prospects of limited demand were met with growing supply.