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!

After a strong end to the second quarter and reaching a new record high in mid-July, market volatility returned with fears of a recession in the US and an interest rate hike in Japan. On August 5th, the volatility index surged by 42 points to 65, marking the largest ever intraday jump. That same day, the S&P 500 lost 4.2%, the Japanese index Nikkei fell 12%, and Bitcoin dropped 17%. However, markets recovered relatively quickly, and all asset classes, with the exception of cryptocurrencies, closed the quarter with positive returns.