Quarterly Insights Report

Markets were volatile again in the third quarter, but stocks still managed to advance, as strong corporate earnings growth and a resilient economy pushed the major indices to new all-time highs despite a rebound in oil prices and a surge in U.S. Treasury yields.

The third quarter started with moderate volatility as, during an otherwise strong Q2 earnings season, doubts began to emerge about valuations of AI infrastructure companies, which had powered markets higher throughout Q2. Very aggressive spending plans and related concerns about the sustainability of demand for AI components pressured market leaders such as Micron and Nvidia, and tech companies linked to AI declined sharply for most of July as investors worried
the stocks had come too far, too fast. 

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