Markets Mixed in April Amid Volatility

Although US markets struggled in the first half of April on the back of tariff-related worries, the second half of the month was characterized by rallies amid policy reversal and easing of geopolitical tensions. However, both the S&P 500 and Dow Jones Industrial Average indices still fell in April (-0.7% and -3.1%, respectively), marking the third consecutive losing month for both indices. International developed equities and US growth posted gains (+4.0% and +2.0%, respectively), while US small-caps and US value declined (-4.1% and -3.6%, respectively). Bonds were also mixed, as the 7-10 year US Treasuries and the US Aggregate Bond Index were up (+1.1% and +0.4%, respectively) while municipal bonds and investment grade corporate bonds fell (-0.4% and -0.2%, respectively). Aside from gold (+5.4%), commodities produced negative returns as crude oil was down 17.8%, broad-based commodities fell 5.2%, and silver decreased 4.5%.