C1W - Market Commentary Q3 2025

Written By Garth Porterfield

  • U.S. equity markets continued to climb in Q3, with momentum driven by persistent inflows into AI-related themes across multiple sectors. The S&P 500 recorded 28 all-time highs through quarter-end.

  • International equities outperformed, with the MSCI ACWI Ex USA NR USD (“ACWI ex USA”) beating the S&P 500 by the widest margin since 2009. Year-to-date, the ACWI ex USA returned 26.0%, versus 14.8% for the S&P 500.

  • The Federal Reserve delivered its first rate cut since 2024 at the September meeting, citing a softening labor market and moderating inflation. Chair Powell emphasized a “meeting-by-meeting” approach, pushing back against expectations for a full easing cycle.

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Garth Porterfield
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