This week’s Bespoke Report is an updated version of our “Pros and Cons” edition for Q3 2025.

With this report, you’re able to get a complete picture of the bull and bear case for US stocks right now.  It’s heavy on graphics and light on text, but we let the charts and tables do the talking!

On page three of the report, you’ll see a full list of the pros and cons that we lay out.  Slides for each topic are then provided on page four and beyond.

To read this report and access everything else Bespoke’s research platform has to offer, sign up for Bespoke’s 50/20 special today.  Our 50/20 special gets you a full year of Premium for half off, then 20% off per month after the first year.  SIGN UP HERE.

Below is a look at the performance of key ETFs across asset classes so far in Q2 and year-to-date.

After a very rough March and early April, equities both domestically and globally have surged since.  The S&P 500 (SPY) is currently up more than 10% in Q2 with just one full trading day left on Monday.  The Tech-heavy Nasdaq 100 (QQQ) is up much more at 17.4%, while the Semis (SMH) are up more than 30%.

As good as it has been in the US, it has been an even better first half and second quarter for much of the rest of the world.  The All World ex US ETF (CWI) is up 18.5% on the year versus a gain of 5.7% for the US (SPY), and countries like Germany (EWG), Italy (EWI), Mexico (EWW), and Spain (EWP) are sitting on 30%+ YTD gains.

As a reminder, quarterly rallies this strong aren’t the norm, so enjoy it but don’t get too cocky heading into Q3.  Mr. Market loves serving humble pie to the face of investors that think they have it all figured out.