It's been a busy couple of weeks! The S&P 500 fell 2.0% last week as investors rotated out of the high-flying sectors and into some of the laggards which look better value. The S&P 500 Equal Weight index has performed much better, while the Russell 2000 (comprised of smaller companies) is up 7.8% over the past two weeks. Here at home, the local NZX 50 increased another 1.6% last week, which sees it at the highest level in more than two years and headed for the strongest monthly gain since November last year! Looking ahead, global flash PMIs for July will the key releases to monitor, while investors will also be watching second quarter GDP and the latest PCE inflation report in the US. The international earnings season continues, with almost 140 S&P 500 countries due to report including Alphabet (Google), Coca Cola, LVMH, Tesla, Republic Services, Unilever and 3M.