Musings on Markets · 2025-05-03 · 397d

April 2025 Equity Markets: Volatility, Tariffs, and the Return of Growth and Momentum

Despite significant volatility in April 2025 driven by tariff concerns and Fed leadership uncertainty, global equity markets recovered to near month-start levels. Technology, growth stocks, and momentum investing rebounded strongly in the final three weeks of April after weak Q1 performance, while the Mag Seven largely recovered losses from early-month declines.

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Metrics in this report

Best 2024 Performers April Gain

0.76%%

monthly

Top decile 2024 performers in April 2025

China Regional Performance

-3.69%%

regional worst

China equities April 2025

Euro Appreciation

5%%

monthly

EUR/USD during April 2025

Global Equity Market Cap Loss

$9 trillion$

two-day

First two days of April 2025 across global equities

High PE Stocks April Gain

1.74%%

monthly

US equities April 2025

High PE Stocks Q1 Loss

10.9%%

quarterly

US equities Q1 2025

India and Latin America Performance

+3.57%%

regional best tied

India and Latin America equities April 2025

Low PE Stocks April Loss

2.22%%

monthly

US equities April 2025

Mag Seven First Week April Loss

$1.55 trillion$

weekly

Mag Seven stocks first week April 2025

Mag Seven YTD Loss

$2.6 trillion$

cumulative

Mag Seven stocks year-to-date 2025

Tech Additional Loss First Week April

$1.78 trillion$

additional

US technology sector first week April 2025

Tech Sector April Performance

1.67%%

monthly

US technology sector April 2025

Tech Sector Percentage Loss Q1

13.19%%

cumulative

US technology sector Q1 2025

Tech Stock Market Cap Loss Q1

$2.34 trillion$

total

US technology companies in Q1 2025

Technology Sector Weight

29.4%%

start of year

US market capitalization at start of 2025

Worst 2024 Performers April Loss

5.31%%

monthly

Bottom decile 2024 performers in April 2025