June 2025 Asset Class Returns

Comments: Risk assets continued their upward momentum in June, with the S&P 500 advancing 3.5% and the Nasdaq gaining 4.2%, pushing both indices further into positive territory for the year. Bitcoin remained volatile but held above the $110,000 level, consolidating its strong year-to-date gains. International equities extended their outperformance, supported by sustained dollar weakness and improving sentiment in European and emerging markets. Bond yields moved modestly higher as economic data came in stronger than expected, leading investors to dial back expectations for near-term Fed rate cuts.