Global equities notched their worst month of the summer amidst heightened volatility. After touching the all-time high on July 26, the selloff that began in the last week of July accelerated into August, pushing the S&P 500 lower for six consecutive days by a total of 6%. For the entirety of the month the S&P vacillated in a 3% range, rising and falling with each new piece of trade-related news. Equities outside the United States offered no haven as both developed and emerging markets declined, exacerbated by a strengthening U.S. dollar. The volatility of the S&P 500 began the month below the 18% volatility threshold of the S&P Managed Risk Index, but quickly moved above it in early August. The price of oil fell for the third straight month as prospects of limited demand were met with growing supply.