Equity markets made a strong recovery following the tariff-induced selloff in early April 1. At its lowest point on April 8, the S&P 500’s year-to-date return stood at -15.0%. By mid-May the return turned positive, and the S&P 500 ended the second quarter up 6.2% year-to-date. Weakness remained for several of the large tech stocks that drove performance in 2024. Apple (-16.8%), Tesla (-25.5%) and Alphabet (-6.9%) remained negative year-to-date and Amazon’s flat return lagged the S&P 500.
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2nd Quarter 2025 Market Commentary
Equity markets made a strong recovery following the tariff-induced selloff in early April 1. At its lowest point on April 8, the S&P 500’s year-to-date return stood at -15.0%. By mid-May the return turned positive, and the S&P 500 ended the second quarter up 6.2% year-to-date. Weakness remained for several of the large tech stocks that drove performance in 2024. Apple (-16.8%), Tesla (-25.5%) and Alphabet (-6.9%) remained negative year-to-date and Amazon’s flat return lagged the S&P 500.
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