Investment Commentary - Summer 2025
July 11, 2025
U.S. stocks staged an impressive rebound in the second quarter following a rocky first quarter that witnessed the worst performance by major indices in nearly three years. The S&P 500 gained 10.6%, the Nasdaq surged 17.8%, and the Russell 2000 rose 8.1%. Q2 brought a welcome mix of diminishing tariff tension, positive earnings surprises, resurgent AI enthusiasm, resilient consumer data, and a series of cooler-than-expected inflation prints.
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