Market Commentary

In the early hours of February 28, global markets were shaken by significant geopolitical developments as the U.S. and Israel carried out coordinated strikes on Iran that resulted in the death of Iran’s Supreme Leader.

As we saw building in the back half of last year, global markets continue to deliver strong performance, but there's been a clear shift in leadership among U.S. stocks.

The bull market that kicked off in late 2022 kept rolling through 2025, with the S&P 500 recording another impressive year, climbing 16.4% following back-to-back gains that exceeded 20% in 2023 and 2024. That’s three years of gains.

As the holiday season unfolds and a new year draws near, we pause to cherish the beautiful moments we’ve shared. Christmas is a sacred time of love, generosity, and faith, and we joyfully seize this moment to send our warmest wishes to you and your loved ones.

The timeless Wall Street saying, "Every bull market climbs its own wall of worries," seems to capture the essence of today's market landscape perfectly. With the fourth quarter underway, we urge investors to stay vigilant and avoid assuming the recent gains will persist without turbulence.

Last month, the Federal Reserve cut its benchmark rate—the fed funds rate—by a quarter-percentage point to 4.00–4.25%. It is the first rate cut since last December. Fed officials left the door open to one or two more rate cuts before the year is over. The reduction in the fed funds rates surprised no one...