Parnassus Core Select ETF Q2 2025 Commentary

2025-07-15 06:54:00 ET

Market Review

The S&P 500 achieved double-digit gains in the second quarter, rebounding sharply after starting the quarter with a steep decline. With the new administration’s erratic approach to trade policy prompting recession concerns, investor sentiment plunged and equities followed suit. As the quarter progressed, however, a pause on tariffs and apparent progress on deals with major trading partners drove stocks to record highs. Within the S&P 500, the Information Technology and Communication Services sectors were the strongest performers. “Magnificent 7” companies NVIDIA (NVDA), Microsoft ( MSFT ) and Meta Platforms ( META ) posted strong gains as investment in AI technologies remained a dominant investment theme. Conversely, the Energy and Health Care sectors generated negative returns for the quarter as investors largely rotated out of defensive names and into higher-growth areas....

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