The stock market hits a record despite all the worries: “Confusing”

War, tariff disputes and concerns about inflation. Despite this, the stock markets are breaking new records – with historically high hopes for the future. How can the mood be so cheerful?

The first half of 2025 was turbulent.

Donald Trump entered the White House and started a trade war. It sent stock markets plummeting, but the decline did not last long. Two weeks ago, the world held its breath at the thought of a major war in the Middle East – and now expectations for American stocks are historically high, with a forward P/E ratio of over 22. This figure has only previously been exceeded during the dot-com bubble of 2000, and during the corona pandemic of 2020.