After another year of the bull market, what's in store for stocks in 2025? In this year-end episode, Schwab experts look ahead to consider what investors might expect from the markets in the new year.

First, Liz Ann Sonders, Schwab's chief investment strategist, speaks with senior investment strategist Kevin Gordon. Liz Ann and Kevin discuss their perspective on the direction of the U.S. economy and stock market. She and Kevin cover tariffs, immigration, and potential policy changes, among other topics. Uncertainty remains a major theme.

Next, Kathy Jones, Schwab's chief fixed income strategist interviews Jeffrey Kleintop—Schwab's chief global investment strategist. He analyzes and explains what 2025 might hold for the global economy and markets.

On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.

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(1224-B47R)

2025 Market Outlook: U.S. Stocks & Economy & Global Markets

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