Thursday, August 10, 2017 » July 2017 Monthly Market Commentary Market Commentary, Commentary U.S. Economy and Markets Domestic equity markets were positive in July, as the Wilshire 5000 Total Market IndexSM returned 1.88% and the S&P 500 Index returned 2.06%. Market volatility, measured by the CBOE Volatility Index (VIX), ended the month at 10.26, a decrease from its June close of 11.18. Performance across GICS sectors was positive for the month, with the Telecommunications Services and Information Technology sectors leading the group, returning 5.87% and 4.09%, respectively. On the other hand, the Industrials sector was the worst performing sector in July, returning 0.22%. Large cap stocks continued to outperform their small cap counterparts this month, with the Wilshire U.S. Large Cap IndexSM and the Wilshire U.S. Small Cap IndexSM returning 1.98% and 1.08%, respectively. U.S. manufacturing activity, as measured by the Institute for Supply Management’s PMI, registered 56.3% in July, down from the June reading of 57.8%. June’s was the highest since August 2014. Generally, a reading above 50% indicates expansion.