The mood among American consumers, by many accounts, is grim. This sense of uncertainty and anxiety has been pervasive in 2025.
Retail Therapy
Actions Over Words
With the S&P 500 tumbling 18% in April from its February high, and subsequently rallying back to an all-time high, the second quarter was a wild rollercoaster for investors.
Turn Down the Volume
After a quick start that saw the S&P 500 jump 5% in the first three weeks of the year, markets abruptly reversed course and gave it all back and then some, with the blue-chip index posting a 4.3% loss for the quarter.