How will U.S. equities perform in 2025? That’s the key question in our first episode of the year, where Rob Rowe talks to U.S. equity strategist Scott Chronert about the market’s current positioning and his outlook for the S&P 500. Scott explains how ongoing soft-landing and AI tailwinds now interact with Trump policy promises (and risks), how he views the performance of the index’s Magnificent Seven versus “the other 493”, and how his bull and bear case assumptions help frame an expectation for increased volatility in the year ahead. This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

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