We closed May with positive results in the markets, driven by two major themes that dominated investors' attention: the solid results of the main technology companies and the progress in trade agreements and discussions on tariffs between the United States and its partners. the United States and its partners. Despite this monthly rally, the cumulative balance so far in 2025 remains mixed. The S&P 500 managed to remain slightly in positive territory...

April was a month marked by strong volatility in the financial markets, especially in the first half of the month. The S&P 500 flirted with bear market territory, briefly falling -20% below its all-time high. In contrast, the Nasdaq did technically enter bear market territory, posting a -25% drop from its previous peak at the lowest point of the month. low point of the month. This correction reflected investors' growing concern about the uncertainty surrounding trade policy...

The volatility observed in the first months of the year has spilled over into March, with the markets digesting the implications of the new tariffs imposed by the United States. As a result, the main stock market indexes closed the month in negative territory: the S&P 500 fell -5.63%, the Dow Jones -4.06% and the Nasdaq Composite -8.14%. In contrast, fixed-income securities showed a more stable performance, with the US more stable performance, with the US Agg index registering +0.04% and the Bloomberg Treasuries index +0.23%....

During the week, U.S. Treasury yields rose as investors assessed the state of the economy.

During the week, U.S. Treasury yields rose as investors assessed the state of the economy.