Market Commentary – June 2, 2025
The equity market has been in a tug of war between pricing in tariffs and pricing in artificial intelligence (AI). In our view, the AI trade is back and the equity market has already priced in the tariff trade.
We have often mentioned that the equity market discounts six months in advance. Well, we’re moving close to this timeframe. The market is pricing in growth in the economy and no recession. The consumer still has money. Personal income came in last Friday much stronger than expected. Plus, savings are growing at 4.9% and the savings-income combination is bullish for consumer spending, which should continue to advance the U.S. economy.
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