Pete Hofstra provided a June 2025 update on North American equities, noting that May saw a strong rebound following April’s volatility, particularly in response to easing tariff threats from Trump—dubbed “TACO month” (“Trump Always Chickens Out”). Despite ongoing tariff headlines, especially around steel and aluminium, earnings season largely wrapped up with around 89% of S&P 500 companies reporting, though slightly fewer exceeded expectations than usual. AI investment remained strong and uninterrupted, with NVIDIA delivering strong results and highlighting the strategic value of shared infrastructure. Retail is a key sector to watch, as large players like Walmart and TJX are navigating tariffs with scale and supply chain strategies. Central banks remain cautious, watching for inflationary impacts from tariffs. While markets have recovered, Hofstra warns that summer may bring volatility, and the path ahead could be more challenging.

Listen to the podcast

CI Global Asset Management

CI Global Asset Management (CI GAM) is one of Canada’s largest investment management companies with more than 100 investment professionals—each with extensive expertise navigating multiple markets. We offer a unique, modern lineup of traditional and alternative strategies with the performance you need to help achieve your distinct goals.

Information provided is general information and is for educational purposes only, and does not include, or constitute as, financial product advice.