Market Update

Over the past few months, markets have mostly been adding to the strong gains we saw in 2024 and 2025, just in a bumpier, more grown‑up way. Global stock markets are still getting support from decent economic growth and the idea that interest rates will likely continue to come down over time, but the returns…

From June through September, markets were buoyed by growing optimism that interest rates are finally set to move lower. In the United States, stocks continued their strong run, with the S&P 500 up around 8% for the quarter. Technology companies once again led the way, but strength was broad-based as investors anticipated a more supportive…

In the second quarter of 2025, U.S. equity markets exhibited a remarkable recovery following the sharp “tariff shock” decline in early April, when the S&P 500 and Nasdaq fell into correction territory (> -10%) amid tariff escalations under the Trump administration (more on that later). By mid‑May, the S&P 500 had rebounded past its level from…

The start of 2025 has been marked by notable volatility in the financial markets, influenced by various economic and geopolitical factors.   The reintroduction of aggressive tariff policies by President Trump has led to uncertainty in global trade relations.  These measures have particularly impacted sectors like technology and manufacturing.  Given this uncertainty, concerns about a potential…

2024 has been a year of surprises. The bulk of analysts and market pundits expected a below-average year, at best for investors. Many expected a recession to finally arrive after the rapid increase of interest rates seen in 2022/2023. This was due to the impact of higher rates being felt in the economy.  The expectation…

The summer months continued the trend we have seen thus far in 2024 – with quality, consistent returns interrupted by short bouts of market volatility. While investors continue to remain optimistic that the world’s largest economy in the United States trends for a soft landing, any economic data to the contrary has resulted in market…

The second quarter of 2024 offered some changes relative to Q1 2024 and Q4 2023, as volatility returned and we saw performance dispersion. Most notably, the S&P 500 and the NASDAQ continued higher following a difficult month of April, while the Canadian TSX saw little change, nearing flat performance for the quarter. There are a…

Investment markets continued their impressive march higher in the first quarter of 2024, with euphoric returns in tech-related stocks continuing to exceed expectations. Namely, NVIDIA and Meta (formerly known as Facebook). While market breadth has improved in 2024, mega-cap stocks with ties to artificial intelligence continue to defy gravity. This has resulted in markets reaching…

Our 2023 Winter Market Update starts much like the 2022 version: November provided a considerable rebound in most markets, posting one of its largest rallies on record. After challenging months in September and October caused by renewed concerns about inflation and interest rates continuing to rise, major stock markets are closing in on all-time highs…