1Q25 Review & Outlook

After a volatile start to 2025, U.S. equity markets stabilized as macro conditions improved and earnings proved resilient. In this quarter’s Market Views call, CEO Will Muggia reviewed the key forces shaping market leadership, valuation, and earnings dynamics—and discussed what they may signal for investors in 2026. The conversation explored early signs of market broadening, evolving AI leadership, and why selectivity and fundamental discipline may matter more than broad beta in the year ahead.

Markets pushed to new highs in Q3, powered by Fed easing, resilient earnings, and record AI investment. But narrow leadership, surging retail speculation, and stretched sentiment paint a more fragile picture beneath the surface.

As of early July, the S&P 500 is up 26% off its April lows—fueled by AI momentum, strong earnings, and easing tariff fears. But with elevated valuations and surging retail speculation, the second half could look very different. Hear our full take on what’s driving the rally.

AI led ’24 gains, but rising rates and sentiment risks loom. Watch our webcast for Westfield’s full outlook.