What to be grateful for this Thanksgiving? the resilience of the US markets |
In a year shaped by global uncertainty, technological disruption and political change, investors should still have plenty of reason for optimism, says Liz Ann Sonders
While Brits prepare for the final sprint before Christmas, many Americans pause on 27 November to gather around the table for Thanksgiving – a moment to reflect and express gratitude for family, friends and the blessings in our daily lives. For investors, it can also be a chance to reflect on what has been an extraordinary year for the US equity markets, one shaped by global uncertainty, technological disruption, shifting policy dynamics and, ultimately, optimism for the future.
At the start of 2025, bullish sentiment was high. Post-election enthusiasm, expectations of deregulation and hopes for tax cuts fuelled confidence in US markets. But by early Q2, that narrative was upended. The abrupt announcement of sweeping tariffs, spared not even for America’s closest allies, and sent shockwaves through global trade. In the immediate aftermath of President Trump’s “Liberation Day” declaration on 2 April, US equity indices experienced a historic sell-off: the S&P 500 fell nearly five per cent on 3 April and the Nasdaq Composite dropped six per cent. Losses had deepened........