Monthly Market Commentary
November 2025
Tame Inflation, Strong Earnings, and a Fed Cutting Cycle. Will Equities Rally into Year-End?
Despite the US government shutdown and hawkish commentary at the October FOMC meeting, equities were largely up for the month amid a strong start to the Q3 earnings season, lower than expected inflation, optimism regarding a US-China trade deal, and additional easing in monetary policy. The rally was centered around mega-cap technology as US growth […]
Read MoreOctober 2025
Equity Strength in Q3 Shows Signs of Broadening
Despite inflation concerns and revealed weakness in the labor market, equities rallied in Q3 with market participation broadening amid improving trade policy, rate cut optimism, and better than feared corporate earnings. Both the Nasdaq Composite Index and S&P 500 Index notched their best Q3 since 2020, as well as their best September in 15 years […]
Read MoreSeptember 2025
Equity Rally Broadens in August
Despite tariff uncertainty, a slowing consumer, and continued inflation worries, equities posted positive returns in August amid a healthy Q2 earnings season and renewed hopes for interest rate cuts. The S&P 500 Index gained 2% for the month, reaching a new all-time high on August 28th. With the Federal Reserve hinting at near term monetary […]
Read MoreAugust 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 More