Investment Review - July 2025
- The S&P 500 and Nasdaq indices reached record closing highs to end the second quarter, according to Reuters. The S&P 500 gained 5.0% in June and 10.5% in Q2, the Nasdaq Composite gained 6.6% in June and 17.8% in Q2, and the Dow Jones Industrial Average gained 4.8% in June and 5.0% in Q2. The Russell 2000 Small Cap Index rose 5.3% in June and 8.1% in Q2.
- U.S. treasury yields fell in the month of June while the yield-curve steepened. The 10-year note yield fell 16 basis points (0.16%) to 4.23% while the 2-year note yield fell 19 basis points (0.19%) to 3.71%. The steepening of the yield curve is consistent with the market’s anticipation of rate cuts affecting the short end while exhibiting more caution at the long end due to deficit concerns. We anticipate this trend to continue as the year unfolds.
- The eight members of the OPEC+ alliance of oil-exporting countries agreed to increase production by 548,000 barrels per day (BPD) in August, according to a report by the Associated Press. The decision reflects a continuation of the organization’s effort to restore prior cuts to the market; in April, the group agreed to raise production by 411,000 BPD. Oil “markets look comfortably supplied now”, according to the International Energy Agency (IEA).
Key Investment Statistics
Sources: FactSet, Dow Jones Publishing, Bloomberg, Bureau of Labor Statistics, National Association of Realtors, U.S. Bureau of Economic Analysis, Institute for Supply Management, U.S. Federal Reserve, Congressional Budget Office, Moody’s Ratings, Reuters, Associated Press
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