Major global equity indices have shown mixed performance in 2025. On Wall Street, the S&P 500 is up 2.5% year-to-date, with recent gains taking the index to 6,007.76, an increase of 7.40 points or 0.12% after the latest market open. The S&P 500 is also up 2% for the year, while the Dow Jones Industrial Average has risen 0.5% so far in 2025, reaching 42,783.74, up 20.87 points or 0.05% at the open. The Nasdaq Composite is up 3.9% year-to-date and currently stands at 19,571.56, up 41.60 points or 0.21%. The Nasdaq is also reported up 1.1% for the year. In contrast, the Russell 2000 index has declined by 4.4% in 2025. Volatility has decreased, with the VIX index down 3.3% for the year. Over the past 41 days since its post-Liberation Day low, the S&P 500 has gained 20.4%. Additionally, the S&P 500 has outperformed global risk sentiment models by approximately 3% over the last 20 days. In Asia, the Hang Seng China Enterprises Index has entered a bull market, rising over 21% from its April low and closing up 1.7%. The Hang Seng Index reclaimed the 24,000-point level, its highest since March 21, and the Hang Seng Tech Index rose more than 3% and up 0.97%. TME gained over 6.5% and Sensetime rose over 5%. The Shanghai Composite Index returned to 3,400 points, its highest since May 15, rising 0.1% at open and closing up 0.43%. The Shenzhen Component Index gained 0.16% at open and closed up 0.65%, while the ChiNext Index was up 0.34% at open and closed up 1.07%. Turnover on the Shanghai and Shenzhen stock exchanges exceeded 1 trillion yuan for the seventh consecutive trading day.