SOTM March Quarter 2025 – Markets Rocked by Tariffs, Mining Activity Ticks Up
The markets performed strongly in the first half of March, with the S&P 500 reaching a record of 6,114 in mid-February. But then, the U.S. government announced new tariffs on steel, aluminum, and key partners like Canada and Mexico. This raised concerns about slower economic growth and inflation. By the end of March, the S&P 500 lost its gains and was down 4.6% year-to-date. On the positive side, the S&P/TSX Global Mining Index, which focuses on Canadian mining, bounced back by 12.7%, helped by a 3.4% drop in the U.S. Dollar Index. The S&P/ASX 300 Metals & Mining index also had a small gain of 0.4%. Commodity prices went up because of a weaker dollar, with copper leading the industrial metals sector with an 11% increase. Precious metals did well, too, with gold rising 19% as investors looked for safety amid uncertainties in growth and geopolitical risks from the tariff issues. The mining sector had a second quarter of improvement. The Pipeline Activity Index from S&P Global Market Intelligence went up to 83.41, showing good developments in exploration and financing, but it is still at the low end of the range since 2020. The Exploration Price Index also reached a new high of 227.6, supported by rising gold and copper prices. These reports are just a glimpse of what our great Research and Data Intelligence team at S&P Global can provide. We're excited to chat and share more about these insights with you!
