Media
Perspectives Newsletter: Q1 2025
March went out like a lion, an angry one. A continual flurry of (sometimes contradictory) announcements, proposals, orders and leaks out of Washington, and challenges to many policy pronouncements from domestic and international quarters, left markets reeling in the face of uncertainty. After notching an all-time high on February 19, U.S. markets turned decisively down. The S&P 500 ended the quarter flirting with correction territory after falling nearly -10%. The tech heavy NASDAQ fared even worse, falling -13.7% in the same timeframe, ending the quarter down -14.2% from its own all-time high reached in December 2024. Pain was greatest in the larger index names as evidenced by the S&P 100 falling -6.52% in March, ending the quarter down nearly -6%. Rotation into value stocks was evident; they enjoyed a standout quarter when compared to growth, with a performance spread of over 12 percentage points. International stocks romped higher as various countries moved to stimulate economic activity in the face of shifting U.S. policy. Bitcoin proved to be no safe haven, falling almost -10%.
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