Down six out of the last seven months, emerging market (EM) stocks extended their slide in August, falling another 2.6%. The S&P 500 notched its fifth consecutive positive monthly return and its 27th out of the last 30. U.S. equity market volatility remained exceptionally low in August while EM volatility broke above its five-year average. The technology sector continues to make disproportionate contributions to market returns. In August, while averaging a weight of 25%, it accounted for 55% of the S&P 500’s return.