Market Update

Global equity markets finished mixed for the week as hopes for a Greece deal and global valuations continued to be front and center for investors. The Russell 3000, a measure for the U.S. equity markets, finished down -0.4% with U.S. large caps outperforming small caps. International markets were modestly higher with the MSCI ACWI ex-U.S. up 0.9%. Regionally, the MSCI Europe was up 1.1%, the MSCI Japan was up 1.3%, and the MSCI Asia Pacific ex-Japan finished flat at 0.1%. On Friday, Chinese A-shares experienced their largest single-day decline since 2008, with the Shanghai Composite Index finishing down -7.4%. U.S. fixed income markets were modestly lower as the U.S. 10-year Treasury advanced 22 basis points to yield 2.48%. This marked the highest level for the benchmark interest rate since the end of September 2014.