Monthly Market Commentary
June 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 […]
Read MoreFebruary 2025
The Range of Possible Economic Outcomes is Wide. Diversification is Key
Despite tariff concerns and an AI scare driving the bid for safe haven assets towards the end of the month, strong earnings and consumer spending drove another positive month of equity returns in January. The S&P 500 Index closed the month at another all-time high despite volatility. International developed equities (+4.4%) were among the best […]
Read MoreJanuary 2025
With New Risks Surfacing, How Should Investors Position Portfolios in 2025?
Despite still stubborn inflation, a brief growth scare, less than expected interest rate cuts, and a pullback in December, US equities were up notably in 2024 on the back of a strong economy, accelerating earnings growth, US election results, and AI/mega-cap-related strength. The S&P 500 Index gained 25% for the year and recorded 57 all-time […]
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