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Market Highlights

• Markets went on a tariff-induced roller coaster ride in April after the announcement of “reciprocal” tariffs on April 2nd drove bond yields higher and stock prices lower, followed by a 90-day pause that led to a rebound through the end of the month.
• The S&P 500 fell -0.68% for the month despite losing more than -10.00% in the first few days of April.
• U.S. Small Caps continued to lag broader markets and fell -2.31% in April, bringing year-to-date losses to -11.57%.
• Energy (-13.65%) was a clear laggard in April amongst S&P 500 sectors, while Information Technology (+1.62%) regained market leadership amidst a tough start to the year.
• The Russell 1000 Growth Index rose +1.70% for the month to outpace the Russell 1000 Value’s -3.05% return. The Value index (-0.98%) has outperformed Growth (-8.47%) so far this year.
• Developed International (+4.58%) and Emerging Markets (+1.31%) each had a strong April to continue strong starts to the year for overseas markets.
•  The 10-year Treasury yield also had a volatile month, briefly moving over 4.50% from 4.21% at the start of April, and finishing at 4.16% by month end. The Bloomberg US Agg was up 0.39% in April and is now up +3.18% for the year. 

Sources:

1. Morningstar Direct, MSCI