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Stock Market Cycles
Emerging markets led the way last
month and rose 7.15%, pushing
them up over 27.5% YTD. Developed
markets are up more than 25.1%
YTD, as well, following a 1.91%
September gain. International equity
markets thus continue to excel in
2025.
While most international companies
exporting to the US now face
significant tariffs, the typical foreign
stock is more connected to its
domestic market than US trade.
Exports from foreign nations to
countries other than the US also
remain largely unaffected by new
tariffs. These are positives for
international firms.
Source: Bloomberg; Envestnet Quantitative Research Group (QRG).
Housing Bubble Peak
Oct 9, 2007
Financial Crisis
Market Bottom
Mar 9, 2009
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09/30/2005 09/30/2010 09/30/2015 09/30/2020 09/30/2025
MSCI EAFE
MSCI Emerging Markets (Right Axis)
COVID Market Bottom
Mar 23, 2020
20251003-4872948
