Monthly Market Commentary
August 2025
US Equity Rally Extends Into July
Despite ongoing tariff uncertainties and hawkish post FOMC meeting commentary towards the end of the month, US equities extended their rally into July amid resilient Q2 earnings, progress on trade negotiations, and improving consumer sentiment. The S&P 500 Index notched 10 all-time highs during the month alone. US growth (+3.4%) was the best performer, followed […]
Read MoreJuly 2025
Despite Volatility, Equities Post Gains in First Half of 2025
Despite tariff concerns, geopolitical risks, and inflation worries, equity markets posted positive returns in the first half of the year amid decreasing policy uncertainty, strong earnings, and a resilient—although slowing—economy. The S&P 500 Index recovered dramatically within the period, rebounding over 20% since the April 8th tariff-related lows. International developed equities (+20.7%) were the best […]
Read MoreJune 2025
Equities Post Strong Returns in May
Despite inflation worries, fiscal deficit concerns, and continued geopolitical conflict, equity markets posted strong returns in May on the back of easing tariff tensions, lower probability of recession, and better than expected US Q1 earnings. Technology led the rebound as the Nasdaq Composite Index gained 9.7%, while the S&P 500 Index was up 6.3%, both […]
Read MoreMay 2025
Markets Mixed in April Amid Volatility
Although US markets struggled in the first half of April on the back of tariff-related worries, the second half of the month was characterized by rallies amid policy reversal and easing of geopolitical tensions. However, both the S&P 500 and Dow Jones Industrial Average indices still fell in April (-0.7% and -3.1%, respectively), marking the […]
Read MoreApril 2025
Tariffs and Inflation Drive Volatility
In Q1 2025, markets faced significant volatility as trade tensions, mixed economic data, and elevated equity valuations pressured investor sentiment. The Trump administration’s tariffs fueled stagflation concerns, while elevated FX volatility and anticipated uncertainty weighed on global trade. As a result, the Nasdaq-100 Index, US small-caps, US mid-caps, and the S&P 500 Index all posted […]
Read MoreMarch 2025
US Equities Stumble as Trade Tensions and Inflation Weigh on Sentiment
Markets faced headwinds last month due to escalating trade tensions and weaking consumer confidence. The S&P 500 Index declined 1.4%, closing below its all-time high in January. Developed international equities showed resilience (+2.3%) with another month among the best performers, followed by US Value (+0.5%) and Emerging Markets (+0.3%). Bonds generally led as US 7-10 […]
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