Insights

Read what happened in markets in the last quarter and our take on markets and the economy going forward.

Like a hydration break during the World Cup, we took a brief pause from serving clients to catch our breath and recap what happened in the markets during the second quarter.

What began as a continuation of last year’s positive momentum quickly gave way to increased uncertainty and heightened geopolitical tension. In just the first three months of the year, we’ve seen continued AI-driven disruption in the software industry, a Supreme Court decision striking down tariffs and adding to trade uncertainty, and a war in Iran that triggered a sharp spike in oil prices.

Rising unemployment, persistent inflation, tariffs, volatility, the longest government shutdown in U.S. history, concerns on stock market valuations, and yet again, double-digit gains for the U.S. stock market in 2025.