Overview

• The S&P 500 executed a V-shaped rebound from its April tariff-induced lows to reach an all-time high in late June
• The Magnificent Seven tech giants have contributed roughly $4.7 trillion in market value gains since early April, leading the rally
• Year-to-date gains for the S&P 500 and Nasdaq stand at about 5.2%, well below the double-digit returns of the past two years
• Wall Street strategists now expect the S&P 500 to finish 2025 roughly flat, with year-end projections clustering between 5,600 and 6,100
• With the Federal Reserve pausing rate cuts until at least September and tariffs fueling inflation concerns, investors are focusing on dip-buying and diversified, long-term portfolios