After a turbulent first four months of 2025, North American stock markets staged an incredible recovery to close out the first half of the year. A calm settled over both asset prices and investors as the heightened volatility waned. This tranquility not only continued through the end of the third quarter but became even more pronounced.
It's difficult to imagine a greater range of emotions than what investors experienced over the prior three-month period. The beginning and end of the second quarter couldn't have been more different. In early April, the S&P 500 was down over 20% from its February all-time high amid an escalating trade war that threatened to upend the global economy.
