General Market Commentary as of September 30, 2025
In the third quarter of 2025, all three major US indices posted positive returns. The S&P 500 was up 7.79%, the
Dow Jones Industrial Average gained 5.22%, and the Nasdaq Composite jumped 11.24%.
In Equity Markets, Emerging Markets were the top performer for the second consecutive quarter. The US Market
was a close second and Developed Markets Outside the US trailed but were still positive. Bond markets in the US
and Globally posted modest positive returns during the quarter.
The Information Technology and Communication Services sectors were among the strongest performers
globally during the quarter, upholding a strong run of Artificial Intelligence driven growth for markets.
Domestically, “The One Big Beautiful Bill Act” was signed into law on July 4th, providing significant changes to
the tax code and US federal spending policy. Relating to US tariffs, trade agreements were reached with Japan
and the European Union during the quarter. On September 17th, the Federal Reserve Board acted to reduce
rates by 0.25% into a target range of 4.00-4.25% marking the first rate cut of 2025. On September 30th, Congress
failed to provide appropriations legislation for government funding and a partial US government shutdown
poses a hurdle for markets entering the final quarter of 2025.
| Tot Return | 3-MO* | 12-MO* | 3-Year* | 5-Year* | Closing Value |
|---|---|---|---|---|---|
| S&P 500 | 7.79% | 16.07% | 23.10% | 14.74% | 6,688.46 |
| Dow Jones Industrial Average | 5.22% | 9.61% | 17.33% | 10.80% | 46,397.89 |
| NASDAQ Composite | 11.24% | 24.58% | 28.92% | 15.20% | 22,660.01 |
Source: Morningstar. The S&P 500, Dow Jones Industrial Average, and NASDAQ Composite are unmanaged indexes. It is not possible to invest in an index. Past performance is no guarantee of future results. * Price only. Does not include dividends.
All overviews and commentary are intended to be general in nature and for current interest, educational purposes and factual reference only and are subject to change based on market and other conditions.
