The Armstrong Report: Spring 2025 Firm Update
Reginald A.T. Armstrong • The Armstrong Report
Spring is here! Of course, here in South Carolina that means everything is covered in yellow pollen for a few weeks or so.
ECONOMY
The economy is not as weak as some think. So far in the first quarter, manufacturing had its first two months of growth in over two years, services continued to remain in positive territory, and inflation is back to the long-term historical average. Also, while there does seem to be some consumer softness, retail sales are still ok. Add to that strong industrial production and a recession does not seem imminent. However, there could be dislocations caused by the changes implemented by the Trump Administration—such as tariffs—that could cause things to get worse.
MARKETS
US stocks had their first correction since October of 2023. The S&P 500, growth stocks, and small stocks all dropped more than 10% from their February highs. At the time of this writing, the market is still below its 200-day moving average. At this juncture, this seems like a normal correction, instigated by the uncertainty in economic policy coming out of the Trump Administration. International stocks, on the other hand, have exhibited strong returns for the first time in a while. Bonds have also provided their traditional cushion against stock downside.
THE FIRM
This April, I celebrate 28 years in the business, while Lee and I celebrate 23 years with LPL Financial, and Matt celebrates 17 years with LPL and Armstrong Wealth. Combined, we have over 71 years of experience in the financial planning and wealth management field. I hope this experience and our team approach show through in all we do.
Thank you for your continued trust in our firm.