These were the top U.S. cities driving stock market returns in 2025

Summary

CNBC Power Lunch counted down the top three metro areas in its Power City Index for 2025. Washington, D.C. was third with a 16.8% median return, Silicon Valley second at 20.2%, and Charlotte first at 21.1%. The segment attributed the returns to defense names in D.C., technology names in Silicon Valley, and a mix of industrials, materials, and financials in Charlotte. It also noted this was the 10th year of the index and that Raleigh had won previously.

• Power City Index ranks U.S. metro areas by the stock market returns of their largest companies.
• Washington, D.C. ranked third with a 16.8% median return, aided by RTX, Capital One, General Dynamics, and defense spending.
• Silicon Valley ranked second with a 20.2% median return, led by AppLovin, Alphabet, and Applied Materials, while ServiceNow fell.
• Charlotte ranked first with a 21.1% median return, led by Albemarle, Curtiss-Wright, Nucor, SPX, and Bank of America.
• The segment noted North Carolina cities have won before, with Raleigh top a few years ago.
• No forward-looking investment recommendations were given.