Markets staged an impressive rebound in the second quarter, with the S&P 500® Index returning 15.2% and finishing at a new all-time high. Despite a volatile start tied to the conflict in the Middle East, oil prices retreated as a ceasefire framework took hold, while corporate earnings significantly exceeded expectations, fueled by continued strength in AI-related investments, robust consumer spending, and resilient business demand. Earnings growth also broadened meaningfully beyond the largest technology companies, an encouraging sign of a healthier and more durable market. As the nation marks its 250th anniversary, we highlight the enduring lesson of market history: patient, disciplined investors have historically been rewarded over the long term.
