Q1 – 2025:
The first quarter of the year was remarkable in many ways. The velocity at which the new administration came in and began to enact policy changes was swift and ferocious. Intraday, individual stocks swung violently in response as uncertainty mounted. Growth
stocks, which had been leading markets the past couple of years, took a backseat as investors cycled to defensive value stocks mid-February and recession fears mounted through March. US equities toed the line on correction territory, and the NASDAQ Composite stocks had the worst quarter since 2022. Uncertainty loomed large as we hurtled towards April 2 and a hopeful resolution on tariffs.
(Download the full PDF here.)
Q4 – 2024:
The fourth quarter did not disappoint when it came to fast moving markets and surprises. While October was choppy leading into the Presidential election in early November, the post-election rally was nearly unstoppable, leading to strong returns across most asset classes. The highly anticipated Fed meeting and ensuing hawkish rate cut rhetoric mid-December doused water over the overly exuberant markets, bringing monthly losses and tempering confidence to close out the year. (Download the full PDF here.)
Q3 – 2024:
The third quarter of every calendar year is consistently plagued with bad omens and mottos including things like “Sell in May and stay away” among others. While historical data suggests there is a modest downward tailwind as summer comes to a close and the school year moves into full swing, Q3 2024 proved once again to go against the grain, bringing returns for the S&P 500 index of 5.53%. With catalysts varying from volatility spikes to long anticipated rate cuts from the Federal Reserve, it was three months of rocky markets that ultimately ended in new highs for many major indices. (Download the full PDF here.)
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