Please find a downloadable copy of the April Chart Book below. Given the recent volatility, we’ve included data through April 7th. This table reflects March and the first week of April returns for various markets.
| March 1st to April 7th 2025 | Period | YTD | Period | YTD | |
|---|---|---|---|---|---|
| S&P 500 | -9.56% | -13.42% | MSCI EAFE | -4.95% | +1.58% |
| Russell 1000 | -9.58% | -13.64% | MSCI Emerging Markets | -1.20% | +1.69% |
| Russell 2000 | -9.19% | -18.08% | Barclays Aggregate | +0.88% | +3.69% |
| MSCI All Country World Index | -7.58% | -8.80% | Barclays Muni 1-10yr Blend | +0.97% | +1.68% |
Highlights for the month:
Public equity markets were down sharply across the board – Emerging Markets were the relative outperformers; equity market volatility (VIX) spiked to levels not seen since the pandemic after Trump’s tariff announcement; P/E ratios have fallen to levels closer to the 5yr average; all S&P sectors were down sharply; bearish investor sentiment is at a two-year high; fixed income yields were down across the board; corporate bond spreads spiked higher as recession fears grow; the yield curve remains positively sloped; inflation indicators remain above the Fed’s stated targets; Leading Economic Indicators remain weak and continue to point to headwinds ahead; the Citigroup Economic Surprise Index remains weak suggesting that economic releases continue to come in weaker than expected; Industrial Production continues to strengthen; New Orders continue to pick up steam; the Fed Business Surveys are mixed; the ISM Manufacturing Index declined to 49.0% vs. 50.3% in February – this was the first contraction after two months of expansion; the ISM Services Index came in at 50.8% down from 53.5% suggesting that the services sector is continuing to expand but at a slower pace; consumer confidence fell for the third straight month; Retail Sales rose +0.2% in the latest reading – much lower than the expectations (+0.7%); consumer credit usage continues to contract; auto sales are beginning to pick up some steam; the Savings Rate is on the rise; housing starts and permits remain weak; Home Builder Confidence remains in a downtrend; mortgage rates continue to trend lower – mortgage applications spiked higher; publicly traded REITs dropped sharply after trending higher in recent months; initial jobless claims remain muted; the unemployment rate ticked marginally higher; the Fed’s balance sheet continues to contract; the National Debt growth rate is slowing; broad based commodity indexes declined sharply after recently trending higher; energy prices are trending lower; gold prices remain near all-time highs; Bitcoin is well off its recent highs; the US$ may be bottoming.
Page by Page
Page 2: Public equity markets were down sharply across the board – Emerging Markets were the relative outperformers
Page 3: Equity market volatility (VIX) spiked to levels not seen since the pandemic after Trump’s tariff announcement; P/E ratios have fallen to levels closer to the 5yr average
Page 4: All S&P sectors were down sharply
Page 5: Bearish investor sentiment is at a two-year high
Page 6: Fixed income yields were down across the board
Page 7: Corporate bond spreads spiked higher as recession fears grow; the yield curve remains positively sloped
Page 8: Inflation indicators remain above the Fed’s stated targets
Page 9: Leading Economic Indicators remain weak and continue to point to headwinds ahead; the Citigroup Economic Surprise Index remains weak suggesting that economic releases continue to come in weaker than expected
Page 10: Industrial Production continues to strengthen; New Orders continue to pick up steam; the Fed Business Surveys are mixed
Page 11: The ISM Manufacturing Index declined to 49.0% vs. 50.3% in February – this was the first contraction after two months of expansion; the ISM Services Index came in at 50.8% down from 53.5% suggesting that the services sector is continuing to expand but at a slower pace
Page 12: Consumer confidence fell for the third straight month; Retail Sales rose +0.2% in the latest reading – much lower than the expectations (+0.7%)
Page 13: Consumer credit usage continues to contract
Page 14: Auto sales are beginning to pick up some steam; the Savings Rate is on the rise
Page15: Housing starts and permits remain weak; Home Builder Confidence remains in a downtrend
Page 18: Mortgage rates continue to trend lower – mortgage applications spiked higher; publicly traded REITs dropped sharply after trending higher in recent months
Page 19: Initial jobless claims remain muted; the unemployment rate ticked marginally higher
Page 20: The Fed’s balance sheet continues to contract; the National Debt growth rate is slowing
Page 25: Broad based commodity indexes declined sharply after recently trending higher; energy prices are trending lower
Page 26: Gold prices remain near all-time highs; Bitcoin is well off its recent highs
Page 27: The US$ may be bottoming
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