New Year, Same Bull? January 2025 Market Review As the new year is underway, there’s the usual sense of renewed optimism and excitement over new opportunities. Looking back, 2024 clearly echoed many of the themes from the prior year. By and large, the U.S economy continued to surge to new heights and have strong upsides. Stocks continued their strong performance, driven by powerful trends in artificial intelligence and technology. In the commentary below, we discuss the possibilities of a third birthday for the bull along with 2025 market expectations. 2025 Expectations A “bull” is a trend in a financial market characterized by rising prices and

Market theology states that bull markets do not die of old age. Recessions, climbing interest rates, exogenous shocks, poor earnings, and geopolitical scenarios that are no longer contained can conspire to kill off the bull.