We look at the impact of tariffs on the economic outlook and the stock market, and where to invest in 2025.

While the headlines are all about Trump’s many executive orders of the day, the chaos has had little impact on stocks. Since the inauguration on January 20th, the S&P 500 is up 2%. Contrary to popular opinion, this has little to do with the Trump administration and more to do with positive corporate earnings results for the fourth quarter of 2024 and a generally positive outlook for earnings in 2025.

Bull or Bear? We take a look at the outlook for the stock market in 2025. Will AI be enough to drive gains in 2025 or are valuations already stretched too far on AI optimism?