The Argentine stock market, represented by the S&P Merval index and American Depositary Receipts (ADRs), experienced a notable rally throughout late July 2025, with the S&P Merval rising for six consecutive sessions and ADRs posting gains as high as 9.5%. This upward trend was supported by favorable external market conditions and domestic policy measures, including a reduction in export taxes announced by President Javier Milei. Bond markets in dollars showed mixed performance but generally extended gains amid a rebalancing between the dollar and interest rates in pesos. Despite this positive momentum, credit market advances have stalled as investors adopt a cautious stance ahead of the mid-term elections, with money managers holding back due to concerns over the sustainability of Milei's economic reforms. Following a debt auction, the S&P Merval saw a decline, and ADRs exhibited mixed movements. Meanwhile, Wall Street banks have been selecting specific Argentine stocks for their portfolios in anticipation of the elections.