Against a backdrop of strong fundamentals and a positive earnings outlook, automation could help relieve tight labor supply in some industries. Meanwhile, China's trade dominance could pose issues for other Emerging Markets.

September 2, 2025

Keeping the Fundamentals in Sight

We continue to be optimistic about market fundamentals amid signs that U.S. markets remain well-positioned compared to much of the world and continued solidity in municipal credit markets.

August 25, 2025

Navigating Shifting Currents

Staying on course means understanding what's changing — and what's not — amid the rise of artificial intelligence, shifts in global trade and mounting pressure to cut interest rates.

August 18, 2025

Mapping the Next Phase of Uncertainty

With uncertainty about tariffs fading, the Federal Reserve looks like the next target for shifting macroeconomic policy. Meanwhile, the housing market is showing signs of potential improvement.

August 11, 2025

Trends to Watch

Keeping government debt, international markets and equity sticker shock in perspective could help investors find potential opportunities beyond the headlines dominating the current economic environment.

August 4, 2025

A Deeper Look at Current Trends

Sustained improvement in the market will likely depend on reducing uncertainty, especially around the impact of tariff policy. Meanwhile, a weaker dollar could actually be good news, especially for investors considering foreign markets.

July 28, 2025

Opportunities on the Horizon

Cautious optimism about Federal Reserve easing, fiscal stimulus and the potential effects of the AI revolution could produce potential opportunities for risk assets, fixed income investments and more.

July 21, 2025

Change Brings Opportunities

The shift from consumer-driven to investment-driven growth and the uneven penetration of Artificial Intelligence across sectors could yield potential opportunities for investors. The future of the copper market looks less clear, however.

July 14, 2025

Tailwinds Favor a Continued Uptrend

Pro-business government measures, a tame Federal Reserve, and an extended economic cycle bode well for equity markets. With momentum building for further upside following the first-half turnaround, we suggest staying invested.

July 7, 2025

Variables to Watch in Q2 Earnings

With earnings season approaching, a focus on five key variables can give investors a fuller picture of a company's health. For a broader market perspective, investors should consider the U.S. economy's dominance and the role of foreign investment.

June 30, 2025

Navigating an economic soft patch

The U.S. economy appears to be in a mid-cycle “soft patch," but a resilient labor market has eased slowdown concerns. As rising geopolitical turmoil and protectionism dominate global headlines, gold and other commodities stand to benefit.

June 23, 2025

A Spotlight on Currency

Depreciation in the U.S. dollar could drive significant earnings growth for U.S. multinationals across sectors, particularly in a newly resurgent European Union. And as everyday technology becomes more reliant on Artificial Intelligence, access to water will be key.

June 16, 2025

Investment, insurance and annuity products:

Are Not FDIC Insured	Are Not Bank Guaranteed	May Lose Value
Are Not Deposits	Are Not Insured by Any Federal Government Agency	Are Not a Condition to Any Banking Service or Activity

Investing involves risk. There is always the potential of losing money when you invest in securities. Past performance does not guarantee future results. Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory and other services. Additional information is available in our Client Relationship Summary.

This material does not take into account a client’s particular investment objectives, financial situations, or needs and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select. For more information about these services and their differences, speak with your Merrill financial advisor.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible loss of principal investment.

The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC, and other affiliated banks.

Trust, fiduciary and investment management services, including assets managed by the Specialty Asset Management team, are provided by Bank of America, N.A., Member FDIC and wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”), and its agents.

Bank of America Private Bank is a division of Bank of America, N.A.

U.S. Trust Company of Delaware is a wholly owned subsidiary of Bank of America Corporation.

Insurance and annuity products are offered through Merrill Lynch Life Agency Inc., a licensed insurance agency and wholly owned subsidiary of Bank of America Corporation.

8342864-EXP-2027-03-02