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MARKET MOVEMENT

Since the Iran War began, the stock market has been unusually volatile, right? Wrong! US equities have been less volatile than usual. The S&P 500 has swung at least 1% between its intraday high and low on 49 days YTD. Over the same period, it occurred 49 times in 2023 and 2025, and it occurred 63 times in 2022. What you recall happening may well never have happened. Remember that.

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