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Capital Ideas™ 
Investment insights from Capital Group

Categories
World Markets Review
Stocks and bonds rally despite trade turmoil: Q2 roundup
July 7, 2025

Global stocks advanced in a volatile quarter marked by erratic trade policy, surging technology stocks and a ceasefire in the Iran-Israel war. The quarter opened with a wave of new U.S. tariffs, sending stocks sharply lower, and ended with a powerful rally as some levies were paused and global trade negotiations progressed.


Information technology stocks rallied, supported by renewed enthusiasm for advancements in artificial intelligence. AI-related stocks such as chipmaker NVIDIA and software giant Microsoft were among the biggest gainers for the quarter. Energy stocks slipped on lower oil prices, and health care stocks came under pressure amid a proposal to lower U.S. prescription drug costs.


Bonds generally posted solid gains. U.S. Treasuries advanced amid market expectations that the Federal Reserve would begin cutting interest rates as soon as its July meeting. European bonds rallied as the European Central Bank slashed its key policy rate for the eighth time in the past 12 months.


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