Markets enjoyed a great advance in June and July, thanks to a number of factors. Certainly, some hype around AI helped a few of the mega caps, but it was much more pervasive. During those two months, the S&P 500, NASDAQ, equal-weighted S&P (adjusts for concentration), TSX and Europe were all up about 10% (common currency USD). Perhaps some of this advance was fueled by a sudden change in sentiment, but it would appear it was more likely driven by some firming in the global economic data.