Q4 and Full-Year 2025 Market Review

Global stock markets continued to move higher in the fourth quarter, closing out another strong year for investors. A key theme in Q4 and for 2025 was the outperformance of international and emerging markets, which stood out after years of U.S. market leadership. During the quarter, U.S. stocks returned 2.4%, while international stocks gained 5.2% and emerging markets rose 4.73%. Bonds also posted modest gains, with U.S. bonds up 1.1% and global bonds up 0.52%.

While 2025 got off to a somewhat shaky start in the first quarter, the year ultimately delivered strong results across global markets. U.S. stocks finished the year up 17.5%, while international and emerging markets nearly doubled that performance, returning 31.85% and 33.57%, respectively. Bonds—particularly in the U.S.—also performed well as interest rates began to ease. The U.S. bond market gained 7.3% for the year, while global bonds returned 2.8%.

Notably, 2025 marks the third consecutive year of broadly positive returns across stocks and bonds, following the widespread losses experienced in 2022. This period highlights the importance of staying diversified and invested through market cycles.

For a more detailed market review covering Q4 and all of 2025, click here.