Q3 2025 Insights From Gabelli Open-End Funds Growth Portfolio Managers
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Gabelli Funds66 FollowersFollow5ShareSavePlay(17min)CommentsSummaryBeginning with the labor market, the Bureau of Labor Statistics’ (BLS) widely-followed Establishment Survey showed negative nonfarm payrolls growth in aggregate during June for the first time since 2020.The ADP National Employment Report showed a negative month-over-month change in jobs during June for the first time since 2019.Trends on the inflation front have also been inconclusive, though no worse than expected, as Trump’s tariffs take effect.The outlook in Japan has also improved somewhat following the announcement of a “Framework Agreement” for a trade deal with the U.S. in July.The bull market in U.S. stocks broadened during the third quarter, with the S&P 500 notching 23 all-time high closes (the most for any quarter since 1998). The best photo for all/iStock via Getty Images The direction of travel for many things in the third quarter was “onward and upward.” Nowhere was this clearer than in markets, where the S&P 500 closed at all-time highs on 35% of all tradingThis article was written byGabelli Funds66 FollowersFollowGAMCO Investors, Inc. is a well-known diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary GAMCO Asset Managment Inc, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through the Company's role as advisor to a family of Mutual Funds. Note: This account is not managed or monitored by GAMCO Investors, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use GAMCO Investors' official channels.Quick InsightsHow does the current S&P 500 valuation compare to the Dotcom Bubble era?The seven largest S&P 500 tech companies now trade at median forward P/E of 32x, far below the 70x median seen at the end of 1999.What is the outlook for U.S. monetary policy following recent Fed actions?The FOMC cut rates by 25bps to 4.0%-4.25% and markets are pricing in an 85% chance of two further cuts this year amid mixed economic signals.What is the scale and impact of current AI infrastructure investment?Major cloud providers plan ~$380bn in 2025 capex, revised 15% higher last quarter, with AI investment estimated to have driven over half of recent U.S. GDP growth.Recommended For You