Five Risks for Stocks That Cloud the Outlook for the Second Half

Some of the world’s biggest money managers are wary of chasing the stock rally further in the second half of 2025, bracing for more volatility.

Markets are wrapping up a wild six months that saw the S&P 500 plunge 19% from peak to trough, before it recouped those losses. The index closed at a record high on Friday after the ceasefire between Israel and Iran revived the risk-on rally.

The recent bounce is not enough for many institutional investors, who cite a litany of risks confronting equities. The fast-approaching deadline for tariff deals, a mixed outlook for earnings and ...