Fourth Quarter 2025 Market Snapshot

Download (PDF, 481KB) Fourth Quarter 2025: Three’s a Crowd (Pleaser) US equities demonstrated remarkable resilience, securing a rare third consecutive year of double-digit gains in 2025. Despite the highest effective tariff rates since 1935 and significant geopolitical uncertainty, the S&P 500 rose 18%. Strong performance was supported by robust corporate earnings growth, Federal Reserve rate […]

Third Quarter 2025 Market Snapshot

Download (PDF, 481KB) Third Quarter 2025: AI Keeps the Rally Alive as Fed Opens the Door to Cuts Equities posted strong gains in the third quarter, even as investors wrestled with familiar headwinds: a softening job market, persistently high valuations, and political uncertainty. In a now common refrain for investors, artificial intelligence propelled the major […]

Second Quarter 2025 Market Snapshot

Download (PDF, 481KB) Second Quarter 2025: 404 Error – Recession Not Found Despite recession fears and gloomy headlines, markets remained resilient in the second quarter of 2025. The sharp April selloff that nearly pushed the S&P 500 into bear market territory has been recovered and then some. Since President Trump’s announcement of sweeping tariffs on […]

First Quarter 2025 Market Snapshot

Download (PDF, 481KB) First Quarter 2025: When It Rains, It Rains on Everyone The first quarter of 2025 marked a reversal for U.S. equities, as optimism gave way to uncertainty. A combination of shifting trade policies, a weakening dollar, and a cooling technology sector weighed on markets, sending the S&P 500 to its worst quarter […]

Fourth Quarter 2024 Market Snapshot

Download (PDF, 481KB) Fourth Quarter 2024: Saddle Up: The Magnificent Seven Ride Again, Leaving Others in the Dust Amid worrisome global turmoil, more modest rate cuts than anticipated, and a US election reversal, mega-cap tech giants powered the S&P 500 to 57 record closes in 2024, along the way to a 25% gain for the […]