MEDIA
Volatility Returns (to Normal?) in 2025
By Phillip Argue,
Director of Investment Strategy
After two years of relatively smooth market conditions, volatility has returned. This shift is unsettling, especially when we consider how strong the market has been over the past two years—the S&P 500 gained 25% in 2023 and another 24% in 2024, with the largest pullback being only 10%.
Currently, the source of volatility stems from “potential” policy changes under the new administration. I emphasize “potential” because many of these policies are still in flux—some haven’t been enacted yet, and others may serve as bargaining chips in future negotiations. Regardless, the market doesn’t like uncertainty, and the S&P 500 has fallen 9% (as of 3/11/25) from its mid-February peak. more
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Market Commentary|Nov 2023