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06/09/2025

DIVO Commentary May 2025

COMMENTARY The equity market rally that began in mid-April continued into May as progress on tariff negotiations, or delays on implementation, gave investors hope that the worst was behind. By mid-May, the S&P 500 had not only recovered its earlier losses but also turned positive for the year, ultimately notching the best returns for May since 1992. The CBOE Volatility Index (a measure of uncertainty in the equity markets) continued to fall throughout the month as well, underpinning an increasing level of optimism for investors though many remain watchful of developments in trade policy and economic indicators that may influence market trajectories in the coming weeks and months.
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07/10/2025

DIVO Commentary June 2025

COMMENTARY The equity market rally that began in mid-April extended into June, albeit at a slower pace, as investors continued to look past near-term uncertainties in favor of a resilient economic backdrop and the potential for easing monetary policy later in the year. The S&P 500 notched modest gains having now delivered positive returns in 7 of the last 8 months, and finished near record highs, supported by solid corporate earnings expectations and better-than-feared consumer sentiment. Notably, markets focused on domestic fundamentals and central bank signals and remained remarkably steady in the face of geopolitical shocks. The CBOE Volatility Index remained low throughout the month, reflecting a constructive risk appetite as investors positioned for continued gains amid a supportive macro environment.
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