There were many “good vibrations” for investors in June and the second half of Q2 2025. Stocks were up across all major US market segments, non-US stocks continued to deliver positive results, and bonds added value. The familiar refrain of big cap growth and technology stocks resonated with investors who showed renewed confidence in the US equity markets after a painful end to Q1 2025.

Despite a strong rally in U.S. stocks in May, uncertainty still looms. Optimism surrounding paused tariffs and potential trade resolutions lifted markets, but caution remains due to rising interest rates, a growing U.S. deficit, and a fresh debt downgrade.

April’s markets reflected a classic case of short-term volatility amid long-term uncertainty, with U.S. stocks dipping slightly while international equities and bonds offered relative stability. As Van Morrison sang, “there’ll be days like this,” reminding investors to stay the course when markets feel uncertain.