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August arrives like a closing curtain – summer’s final act. Vacations wind down, and heat loses its grip, as the long days shorten.

July, long known as the peak of summer heat and celebration, had no shortage of fireworks this year. This July also brought a new tax bill and tariff announcements capable of reshaping the economic landscape.

Like the temperature, equity markets have continued their steady climb higher this June. The looming specter of tariffs has yet to ignite inflationary pressures or stifle economic activity.

As global markets recover from April’s volatility, uncertainty casts a long shadow. The administration, still tending to the self-inflicted wounds of “Liberation Day,” has announced a pause on the most punitive tariffs on China and broadcasts new trade deals with other nations daily.

History rarely remembers those who finish third. Yet if April finishes as it began, it will have the distinction of being the third most volatile month for the S&P 500 in as many decades