As we close out 2025, markets delivered a third straight year of double-digit gains, an impressive result given the volatility earlier in the year. In the fourth quarter, U.S. stocks rose 2.4%, while international developed stocks gained 5.2% and emerging markets rose 4.7%. The U.S. dollar also had a notably weak year, which boosted returns for investors holding international assets.

Markets delivered another strong quarter for investors, this time with very little volatility, a sharp contrast to the brief volatility spike back in April. Several major indices reached fresh all-time highs in Q3, continuing the momentum we’ve seen all year.

As we wrap up the second quarter of 2025, markets are showing surprising resilience, even amid ongoing uncertainty. Inflation stayed low, the labor market remains steady, and the passage of a sweeping new fiscal package is beginning to shape expectations.

As we close out a turbulent start to the year, it’s clear that a lot is in motion. A new administration is settling in, trade tensions are heating up with tariff headlines landing almost daily, and market volatility is back at levels we haven’t seen in some time.

The markets delivered another strong performance in 2024, with all major asset classes ending the year in positive territory. This eventful year brought significant milestones, including the first interest rate cuts since the onset of COVID-19, the re-election of Donald Trump, and the launch of multiple cryptocurrency ETFs. For a deeper look at these trends, read the full report here!