ACG’s August 2025 Capital Markets Review
(Download the full report HERE)
Market Highlights
- Markets continued to grind higher as earnings remained solid and expectations for a Fed rate cut increased. Trade and inflation uncertainty, and signs of stress in the labor market remain risks.
- The S&P 500 was up +2.03% in August and is now up +10.79% so far this year.
- U.S. Small Caps jumped +7.14% during the month, likely in anticipation of lower rates.
- S&P 500 sectors were all positive in August aside from Utilities. Materials (+5.76%) and Health Care (+5.38%) led the index higher during the month.
- The Russell 1000 Value (+3.19%) outperformed relative to the Russell 1000 Growth (+1.12%) in August, while the growth index continues to meaningfully lead over trailing 1 and 3-year periods.
- International markets continued a strong 2025, with the developed markets MSCI EAFE Index up +4.26% for the month and +22.79% this year. Emerging Markets rose +1.28% in August and are up +19.02% year-to-date.
- It was an impactful month for the Federal Reserve, with continued political pressure and a highly analyzed annual meeting in Jackson Hole. Markets cheered perceived dovishness from Chairman Powell. The Bloomberg Agg Bond Index rose +1.20% in August and is now +4.99% higher this year.
Download the full report HERE to see index returns and more.
Sources:
- Morningstar Direct, MSCI
Important Disclosures
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The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.
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