In the first half of 2025, several key market forces we identified at the start of the year — rising uncertainties tied to the new U.S. administration’s policy shifts, increased market volatility, and the testing of elevated U.S. equity valuations — began to take shape. As such, broadening portfolio diversification beyond the traditional 60/40 framework was crucial for effectively navigating the shifting market environment. Looking ahead, we anticipate continued bouts of broad market volatility and varied performance within and across asset classes. While the current administration appears willing to work with international p

Domestic equities have been on an amazing run over the past 67 days since the stock market low on April 8. The S&P 500 Index surged over 23% off the low as concerns over tariffs eased, corporate earnings surprised to the upside, and economic activity held up relatively well. Today, we examine what seasonal trends may tell us about the short-term outlook for equities.

Based on historical trends, July is one of the strongest months for stocks, with an average return of around 1.2% since 1950, ranking as the fourth-strongest month. In recent years, July performance has been even more pronounced than long-term averages, ranking a

What Is the Russell Reconstitution?

On Friday, June 27, FTSE Russell’s U.S. Indexes went through their annual reconstitution, effectively refreshing the breakdown of equities by market capitalization (cap) (large, mid, and small) and investment style (value and growth) that make up FTSE Russell’s Russell 3000 Index (Russell 3000), which broadly represents roughly 96-98% of the investable US equity market. 

Because markets change throughout the year, the criteria that defined stocks by market cap and investment style at the prior reconstitution (June 28, 2024) may no longer apply. The reconstitutio

Retail investors are generally defined as non-institutional market participants who trade their own personal accounts rather than making trades as part of a larger financial institution. Retail investor influence over capital markets has increased as their collective trading makes up an increasing percentage of total volume.

The number of people opening investment accounts and doing their own trading ballooned during the pandemic. This was driven by a combination of factors, including technology and competition driving barriers to entry lower, government stimulus, and an increased collective focus on equity markets and associated