When the closing bell rings on Wall Street Wednesday afternoon, the S&P 500 (^GSPC) will clinch its third straight year of double-digit gains and end the year near a record high. Wall Street is almost unanimously bullish on the year ahead too.
Powered by the artificial intelligence trade once again, the 2025 financial markets story might seem, on the surface, to be a rerun of what investors lived through in 2023 and 2024.
Shine a bit of light on the subject, however, and we see the inner workings of the market’s path in 2025 spun an eventful story that won’t soon be forgotten.
Donald Trump was sworn in for a second term as president.
The largest company in the world lost nearly 20% of its value in a single day.
The S&P 500 registered its worst week since the COVID crash of 2020, crashing 10% in just two days.
Bitcoin (BTC-USD) hit a record high — then fell more than 30%.
Gold (GC=F) enjoyed its best year in two generations. The price of silver (SI=F) more than doubled.
Investors poured more than $150 billion into startups trying to ride the AI boom, while the big four hyperscalers — Alphabet (GOOG, GOOGL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) — committed to investing over $300 billion this year in the opportunity.
Elon Musk’s foray into government came and went, while Tesla (TSLA) stock ends the year near a record high and his rocket company SpaceX (SPAX.PVT) eyes an IPO that would value the company at $1.5 trillion in 2026.
Nvidia CEO Jensen Huang took on celebrity status in the business world and beyond.
And Warren Buffett will head to Berkshire Hathaway’s (BRK-B, BRK-A) offices on Wednesday for his final day as CEO.
What follows is a monthly overview of some of the biggest stories that shaped financial markets in 2025. Some are headlines we may have forgotten; others are those we never could. Let us know what we missed too.
Jan. 20 — Donald Trump is sworn in for a second term as US president. His first hours in office see the president sign a series of executive orders, including the establishment of the Department of Government Efficiency, or DOGE, which will bring Elon Musk to Washington, D.C., for the first few months of the year.
After topping $100,000 for the first time in December 2024, bitcoin hits a record high above $109,000 in the hours before Trump’s swearing in.
Jan. 21 — Joined by SoftBank CEO Masayoshi Son, OpenAI chief Sam Altman, and Oracle CEO Larry Ellison in the Oval Office, Trump announces the $500 billion “Stargate” project to build AI infrastructure in the US.
Jan. 23 — The S&P 500 closes at a record high, its first of the year, on Trump’s third full day back in office.
Jan. 27 — Nvidia stock falls 17%, shedding nearly $600 billion in market value, as investors punish the chip giant after Chinese startup DeepSeek releases an AI model it says can rival those from OpenAI (OPAI.PVT) for a fraction of the cost. This sets of the first of many investor debates about the costs of the AI build-out, and brings the “Jevons paradox” to the attention of investors the world over.
Feb. 1 — Trump’s second trade war kicks off, with the president implementing tariffs on imports from Canada, Mexico, and China using authority granted under the International Emergency Economic Powers Act (IEEPA). These tariffs will be delayed, altered, and face still-unresolved legal challenges throughout the year.
Read more: How Trump’s tariffs affect your money
Feb. 19 — The S&P 500 hits a record high, five years to the day after the index’s last record before it faced a 30% sell-off triggered by the COVID pandemic. Six weeks later, the markets will again be jolted in a similar fashion.
March 12 — Intel (INTC) announces Lip-Bu Tan as its new CEO, replacing Pat Gelsinger, whose plans to turn around the chipmaker floundered. Tan’s appointment kick-started an eventful year for the company, with its stock up nearly 80% this year and the government now a minority shareholder in the chipmaker.
March 18 — Google announces plans to acquire Wiz in a $32 billion deal that marks its largest acquisition ever.
March 19 — The Federal Reserve keeps interest rates unchanged for the second time in 2025, with its first forecasts of the year suggesting that two interest rate cuts will be warranted this year. Fed governor Chris Waller votes against the Fed’s plans to slow down the pace at which it is shrinking its balance sheet, a sign of disagreements to come at the central bank later in the year.
April 2 — Trump’s “Liberation Day” tariff announcement stuns markets. In an event held in the Rose Garden, Trump announces sweeping tariffs that impact nearly every country in the world, regardless of how much trade that nation does with the United States.
In the weeks ahead of the event, stock prices had softened with investors anticipating some level of new tariffs on key trading partners. The scope and scale of these announcements — which sees tariffs on imports from China balloon to north of 100% in the following days — triggers a sell-off in the market that sends the S&P 500 down almost 10% in two trading days. The index suffers its sharpest weekly loss since the pandemic.
From its high reached on Feb. 19, the S&P 500 will fall just less than 20% from peak to trough.
April 9 — Trump blinks on tariffs and stocks enjoy their best day since the financial crisis, with the Nasdaq Composite (^IXIC) rising 12% and the S&P 500 gaining almost 10%. The Dow (^DJI) jumps 2,900 points, the most on record.
Posting on his social media platform, Truth Social, Trump catalyzed the market rally by softening his overall stance on tariffs and making clear his second trade war had a clear target: China.
“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” Trump posted on Truth Social, while also noting the US would raise its tariffs on China to 125%.
Asked about the pause that same day, Trump cited what he called a “yippy” stock and bond market as a factor in his decision. “I thought people were jumping a bit out of line,” Trump said, while seeming to revel in the market’s wild upward swing, calling it the “biggest day in financial history.”
May 3 — Warren Buffett caps the 60th annual Berkshire Hathaway annual meeting with the announcement shareholders have been bracing themselves for — that 2025 will be his last year leading the company.
At the conclusion of Berkshire’s meeting, Buffett tells the assembled crowd of shareholders that he will recommend to the company’s board of directors the next day that Greg Abel be designated Berkshire CEO with a start date of Jan. 1. The recommendation is approved unanimously.
May 13 — Stocks erase their year-to-date losses suffered after Trump’s “Liberation Day” surprise.
May 27 — Nvidia reports another blowout quarter, but reveals the growing financial cost of the crackdown on the sale of its H20 chips to China. Its CEO, Jensen Huang, will become a regular presence in Washington, D.C., over the balance of the year as it looks to regain its footing in China.
May 28 — After weeks of speculation, Elon Musk announces that he has wrapped up his time leading DOGE. Just days later, Musk will publicly criticize President Trump over his signature “One Big Beautiful Bill” legislation, calling it, among other things, a “disgusting abomination.”
June 22 — Tesla begins the rollout of its robotaxi service in Austin. Coming after Musk’s return to Tesla following his foray into government, the service is a key step in what Musk has said will be an autonomous future for the company, focusing far less on selling cars.
June 27 — The S&P 500 clinches its first record close since February, capping off a remarkable turnaround that will see investors nearly endure a 20% drawdown before exiting the first half of the year at record levels.
June 30 — After all that, stocks finish the first half of the year at a record high.
July 4 — Trump signs the “One Big Beautiful Bill Act” into law, averting a debt ceiling crisis but most significantly reshaping the healthcare system for millions of Americans, with these changes — including higher costs — ultimately taking effect in the fall.
July 10 — Nvidia becomes the first company on record to see its market capitalization eclipse $4 trillion.
July 18 — Trump signs the CLARITY Act into law, giving crypto its biggest legislative win yet and capping a string of victories for the industry during what had been dubbed “Crypto Week” in Washington, D.C.
July 24 — After months of publicly criticizing Federal Reserve Chair Jay Powell over the Fed’s decisions to hold interest rates steady during the first several months of his term in office, President Trump makes a memorable trip to the Marriner Eccles building in the nation’s capital, touring ongoing renovations alongside Powell.
As in his first term, Trump was not shy in speaking up on what he thought Powell should do on interest rates. At certain points this year, Trump’s allies went so far as to suggest the president had drawn up plans to fire Powell for cause. In the end, Powell survived the year, and Trump looks set to kick off 2026 by naming his replacement, which betting markets expect will be either Kevin Hassett or Kevin Warsh.
Aug. 7 — After months of delays, a series of reciprocal tariffs take effect across a range of key trading partners.
Aug. 7 — The Paramount-Skydance merger closes, cementing David Ellison as one of the biggest players in Hollywood and setting the stage for the media’s biggest story of the year that would unfold in the following months.
Aug. 22 — Fed Chair Jay Powell appears to open the door to a September rate cut in a key policy speech in Jackson Hole, saying the economic outlook and changes in the labor market “may warrant” a shift in the Fed’s interest rate stance, which had kept rates unchanged all year.
Aug. 22 — Intel and the US government announce a deal in which the government will take a 9.9% stake in the chipmaker, funded in part by grants remaining under the CHIPS Act. The agreement saw the US government buy $8.9 billion worth of Intel stock at an average price of $20.47. Intel stock will close the year closer to $38.
Aug. 25 — President Trump announces that he has fired Federal Reserve Board of Governors member Lisa Cook, citing alleged mortgage fraud related to buying two different properties earlier this decade. Cook quickly announces plans to fight the termination, and the case remains tied up in the legal system. Cook will attend the rest of the Fed meetings, as scheduled, in 2025.
Sept. 10 — Oracle stuns Wall Street with an earnings report that sends its stock up nearly 40% after disclosing its future revenue from customer contracts, or RPO, jumped roughly 360% in the quarter to $455 billion. The surge in Oracle stock the following day would briefly make Larry Ellison the world’s richest man. Most of this surge in future revenue, however, is tied to OpenAI, and investor fears over this relationship will grow over the balance of the year. Oracle stock will give up more than all of these gains.
Sept. 15 — Stephen Miran is sworn in as a member of the Fed’s Board of Governors, replacing Adriana Kugler and giving Trump a key ally on the Fed Board. Miran will vote at each of the Fed’s next three meetings against his colleagues’ decisions to cut rates by 0.25%, preferring in each case that the central bank cut rates by a more aggressive 0.50%.
Read more: How a Fed rate cut affects your bank accounts, loans, credit cards, and investments
Sept. 17 — The Federal Reserve cuts interest rates by 0.25% in a much-anticipated move, bringing the range for its target rate to 4%-4.25%. Forecasts released by the central bank, along with this rate cut, indicate the Fed expects to cut rates two more times in 2025. It will.
Sept. 22 — Nvidia and OpenAI announce a landmark deal that sees Nvidia commit to investing up to $100 billion into OpenAI, with the startup pledging to buy up Nvidia chips as it ramps up its data center footprint. This deal catalyzes a broader discussion — and rising skepticism — about circular financing and its role in the AI boom.
Sept. 30 — Stocks finish the quarter at a record high.
Oct. 1 — The US government shuts down. It won’t reopen for 43 days.
Oct. 5 — Bitcoin hits a record high above $125,000.
Oct. 7 — Gold trades above $4,000 for the first time, bringing its year-to-date gains to north of 50% and putting it on pace for its best year since 1979. Gold will add to these gains in the year’s final months.
Oct. 10 — Crypto markets are hammered, with billions of dollars in liquidations hitting markets in a cascade that sends stalwart tokens like bitcoin and ether down more than 12% in a matter of minutes. The sell-off kicks off what will become a bleak fall for crypto markets, and especially digital asset treasury companies that are following the playbook pioneered by Michael Saylor’s Strategy (MSTR).
Oct. 29 — Nvidia becomes the first company in history to see its market capitalization top $5 trillion.
Oct. 29 — Meta reports third quarter results and discloses that its AI-related investment will be “notably larger” than the $71 billion it plans to invest in 2025. This aggressive spending spooks investors, who send its shares down 11% in response.
Oct. 30 — Trump and China’s President Xi Jinping meet for the second time this year, with the US agreeing to cut tariffs on some Chinese imports and the two setting a meeting for early next year. This latest deescalation in Trump’s trade war helps buoy a stock market rally through the end of 2025.
Oct. 30 — Nvidia CEO Jensen Huang goes out for fried chicken and a beer in South Korea with Samsung Electronics executive chairman Lee Jae-yong and Hyundai Motor Group executive chair Chung Eui-sun. Korean fried chicken stocks surge in response. Jensen-mania reaches new levels.
Nov. 5 — Supreme Court hears arguments in a case challenging Trump’s authority to impose tariffs under IEEPA. Some observers say the Court appeared “skeptical” of the administration’s claims that Trump has the ability to pursue this broad policy using this authority. The Supreme Court is expected to issue an opinion in early 2026.
Nov. 12 — Bitcoin falls below $100,000, a level it won’t regain for the rest of the year.
Nov. 13 — The longest US government shutdown in history ends, as rapidly rising flight delays in the days before a resolution appear to finally push lawmakers to strike a deal.
Nov. 14 — Walmart CEO Doug McMillon announces plans to retire, effective in February, ending what will be a 12-year run at the retailer. The company announces that Walmart US CEO John Furner will take the reins.
Nov. 18 — Google releases Gemini 3, its latest AI model that analysts see putting an end to skepticism that the tech giant was falling behind rivals — most notably OpenAI — in the AI race. Shares of its parent company, Alphabet, hit a record high following this release. From its April lows, Alphabet stock more than doubled in 2025.
Dec. 1 — OpenAI declares a “code red” internally after the release of Gemini 3, with CEO Sam Altman reportedly writing in a memo to employees that it is a “critical time” for ChatGPT.
Dec. 5 — Netflix (NFLX) announces an $82.7 billion deal to acquire Warner Bros. (WBD), ending weeks of competing bids and reports about the fate of the company and kicking off one of the great Hollywood acquisition battles on record with Paramount.
Dec. 8 — Paramount announces a $108 billion all-cash offer to acquire Warner Bros. Discovery for $30 per share, keeping the cable networks business — Discovery — that would be spun out into a separate company as part of the Netflix deal under one roof. The company sends a letter to WBD shareholders arguing in favor of the deal two days later.
Dec. 16 — The November jobs report, delayed as a result of the US government shutdown, shows the US unemployment rate rose to 4.6% during the month, the highest since November 2021 and a sign that the labor market — widely described as “low hire, low fire” — exits the year in the weakest position since the pandemic.
Dec. 22 — Paramount again affirms its commitment to buy all of Warner Bros. Discovery for $30 per share, with Larry Ellison personally guaranteeing $40.4 billion for the deal while also increasing its breakup fee to $5.8 billion, matching the fee Netflix guaranteed to Warner Bros. earlier in the month.
With additional reporting from Jake Conley, Brett LoGiurato, Stephanie Mikulich, Rachel Sherman, and Ben Werschkul.
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