2025 Q2 Commentary

Market Review

The market began the second quarter on its heels, with stocks coming off a historically poor start to the year while navigating a wide range of geo-political issues including a new U.S. tariff policy, escalating tensions in the Middle East and the ongoing conflict in Ukraine. Despite the already poor year-to-date returns, U.S. equity markets of all sizes absorbed further losses in the early days of the new quarter, highlighted by the S&P 500 trading down an additional -11% as the official “Liberation Day” details were announced on April 8th.