Quarterly Market Commentary

The first half of 2025 was busy and eventful, but for all that happened, markets ended the first half not far from where they started the year. The S&P 500 returned 6.1% through the end of June after being down by over 15% at one point in April. Long-term interest rates, as measured by the 30-year U.S. Treasury bond yield, ranged from 4.40% to 5.10% but ended the first half of the year right where it started, near 4.80%. If one did not follow the markets closely, it might seem as though little had changed.

The stock market declined in the first quarter after two consecutive years of gains exceeding 20%. The year started off strongly, with the S&P 500 reaching a new all-time high in mid-February.

There was no shortage of market-moving events during a very active fourth quarter. The stock market opened the quarter with a slow start in October, but the outcome of the presidential election triggered a broad rally in November.

This commentary discusses investors’ focus on the Federal Reserve, recaps second quarter performance and looks ahead to the remainder of 2024.

This commentary discusses investors’ focus on the Federal Reserve, recaps second quarter performance and looks ahead to the remainder of 2024.

Download Quarterly Market Commentary Important Disclosures: The report herein is not a complete analysis of every material fact in respect to any company, industry or security. The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. Any market prices are only

Download Quarterly Market Commentary Important Disclosures: The report herein is not a complete analysis of every material fact in respect to any company, industry or security. The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. Any market prices are only