Although we continue to live in a world at odds with itself, markets have generally kept climbing upward. Stocks spent most of the second quarter rebounding from the March selloff, led primarily by artificial intelligence leaders, particularly within the semiconductor industry. While we have recently seen this relentless move experience a breather, we view it as a temporary and healthy consolidation, rather than a sustained decline. Whether or not this cycle ultimately culminates in an investment bubble, this period will likely be remembered as a profoundly transformative era for the global   economy.

Geopolitics continue to exert a persistent influence on portfolio management. The ongoing nature of the conflict involving Iran remains a central focus, even if there is a temporary truce. Predictably, energy prices have moved higher from the start of the year. Until there is a concrete resolution, the risk of further volatility remains elevated. Global oil stockpiles continue to dwindle, and supplies remain below pre-war levels.