The geopolitical headwind to markets grows by the day, leaving the path forward more volatile and more headline-driven.​

As diplomacy wavers, tech continues to deliver. The U.S. and Iran remain under a fragile ceasefire, and investors are still awaiting signs that diplomacy can restore energy flows and shipping through the Strait of Hormuz. Meanwhile, strong fundamentals, especially AI-driven earnings growth and chip demand, are lifting some equity markets to new highs. Our view remains that supportive policy, liquidity, and earnings conditions should continue to underpin markets, particularly in the U.S.

   

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Diversification cannot assure a profit or protect against loss in a declining market.

Bonds face interest rate risk; when rates rise, bond values in a portfolio typically decrease, affecting overall portfolio worth.

Commodities Definition
A product or service from a firm that is indistinguishable from products or services of competing firms, usually conforming to a common standard or grade imposed by convention or regulation.

   

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