July 8, 2026

The S&P 500 took a breather in June, declining -1%, as investors rotated away from the mega-cap technology stocks that have led the market for much of the year and into smaller, more diversified sectors. Despite the pause, the index still finished the first half of the year up an impressive +10%, supported by another strong corporate earnings season, where approximately 80% of S&P 500 companies reported year-over-year earnings growth in the previous quarter.

While Wall Street continues to benefit from strong corporate profitability, the broader economy continues to tell a different story. Inflation remains stubbornly above the Fed's long-term target, keeping pressure on both consumers and businesses. Higher prices for housing, insurance, healthcare, and everyday necessities continue to erode purchasing power, leaving many households more selective with discretionary spending. At the same time, the labor market is showing signs of slowing. While unemployment remains historically low, job creation has moderated, hiring has become more cautious, wage growth has begun to cool, and many companies continue to focus on efficiency rather than expansion. Consumer credit balances remain elevated, savings rates are below historical averages, and many families are becoming increasingly price-conscious as higher interest rates continue to work their way through the economy.

As this divide between Wall St and Main St continues, these economic trends reinforce the importance of delivering measurable value to your customers. It’s again, a good reminder that businesses that build strong relationships, consistently produce results, and focus relentlessly on retention will be better positioned to navigate periods of economic uncertainty than those competing primarily on price.

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