Beneath the surface, performance was less uniform. The equal-weight S&P 500 lagged its cap-weighted counterpart, while large-cap technology stocks once again played an outsized role in driving returns. However, there were also signs of broadening participation, as small-caps, cyclicals, and even some tariff-exposed names staged strong rallies.
October 8, 2025
Markets continued their upward trend in the third quarter, building on what has already been a strong year for investors. The major U.S. equity indices all posted solid gains: the S&P 500 rose 7.8%, the Dow added 5.2%, the Nasdaq gained 11.2%, and the small-cap Russell 2000 advanced 12.0%, marking its best quarter since late 2023. Several indices reached new record highs in September, underscoring the resilience of market sentiment despite the growing complexity of the economic outlook.
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Fall 2025 Investment Commentary
The economic picture is complicated: growth has held up surprisingly well, inflation remains above target, and political developments are adding uncertainty. Rather than highlighting a single storyline, we believe it is more helpful to step back and consider the full set of forces that shape the outlook.
