Greetings from the Rock Cut Investment Group!
The stock market experienced a mix of gains and losses in the month of July. The Dow Jones Industrial Average +0.2%, the S&P 500 +2.2%, and the NASDAQ +3.7%. The EAFE International Market was -1.4% (Source: Ycharts).
The passage of the “One Big Beautiful Bill Act” (OBBBA) includes a number of tax changes and extends and expands many provisions of the 2017 Tax Cuts and Jobs Act (TCJA). We have attached some additional highlights of this tax legislation.
Global Insight Monthly – August 2025:
- Transmission framework: How will tariffs flow through the U.S. economy – There are a lot of questions. RBC provides some insight when and where the tariffs will start to impact our economy.
- Global equity: The shift is on – Most major indexes are reaching new highs. The expansion of the market rally might suggest more highs lie ahead. Equity valuations demand a watchful eye.
- Global fixed income: Changing views precede a changing of the seasons – The markets have begun to consider if, not when, the Fed will start to cut rates as many global central banks are nearing the end of rate cut cycles.
Click here for the full report
From the “Personal” File:
July was a busy month! Most of our family spent the 4th of July weekend in northern Wisconsin, near the Lac du Flambeau area fishing with the in-laws. Later in the month, Natalie and Matt spent time in the wine country of California. The day after returning from California, they moved their oldest daughter, Madeline, into her first apartment in Chicago as she embarks on her new career in investment banking. It was bittersweet.
