2025 was a very strong year for equities, with the S&P 500 rising 17.9% and non-U.S. equities gaining 31.2%.

Despite the sharp decline in April, the stock market has brought positive returns in 2025, reaching 28 record highs so far.

From the White House’s tariff announcements in April to escalating tensions between Israel and Iran in June, investors faced many challenges during the 2nd quarter.

The escalation of tariffs has triggered significant market volatility, with the U.S. and other global markets all adjusting to reflect the changing economic backdrop.