In a stark resemblance to last year, the S&P 500 reached an all‑time high in the first half of the quarter before retracing and ending down 4.3% amid escalating Middle East tensions. The quarter began with Technology stocks underperforming the broader market after an AI company launched an enterprise‑focused model capable of replacing core workflow functions, reviving concerns about disruption to traditional software providers.
The Quarterly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.