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Equity markets were mixed for the month with the S&P 500 down 0.1% and the MSCI EAFE Index up 1.9%. The Nasdaq Composite and the MSCI Emerging market index were notable underperformers, down 3.2% and 3.3% returns respectively while the Semiconductor index, which has been a standout performer year to date, was down over 10% in July.
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