Investment Counsel Reports

Given a rash of unsettling geopolitical and macro-economic machinations, the stock market mightbe expected to show signs of volatility and undo the recent positive streak of performance. War inIran and the Middle East, resultant higher oil prices and inflation, and rising interest rates did indeedtake some steam out of stock prices to begin 2026.

After starting the year 2025 with negative performance, the following three calendar quarters saw appreciation and led to strong final results for stock market measures.

Despite ongoing geopolitical uncertainty and concerns over trade tariffs, broad market averages moved higher over the past three months.

A nearly full reversal of the first quarter of 2025 occurred in the second quarter – with larger stocks snapping back from a moderate swoon. Large stocks of the S&P 500 Index rose 10.9% in Q2, 25, standing at +6.2% for the Year To Date through June 30th.