For the week ending April 18, 2025.

Last week closed with mixed results as investors reacted to trade news, earnings reports, and interest rate shifts. While some areas of the market held steady or gained, overall uncertainty continues to shape investor decisions moving forward.

U.S. Equity Market

It was a choppy week for U.S. stocks, with results all over the map. Large company stocks, especially growth ones, took the hardest hit—large growth stocks fell 2.14%. Large core and value stocks also slipped, down 1.41% and 0.52%, respectively. The Dow and Nasdaq each dropped over 2%, and the S&P 500 ended the week losing more than 1%. Mid-sized companies held up better, with mid-cap value shining at a 1.32% gain, mid-cap core up 0.87%, and mid-cap growth edging up 0.37%. Smaller companies also did well as small-cap value rose 1.20%, core gained 0.93%, and growth climbed 0.82%.

U.S. Sector Performance

Technology stocks fell 2.77% last week, as major tech companies and chipmakers were hit by concerns over new export limits and government investigations. Consumer discretionary fell 2.28%, and healthcare dipped 1.01%, dragged down by companies like UnitedHealth after weak earnings outlooks. On the flip side, real estate investment trusts (REITs) soared 3.76% and Energy climbed 3.31%, holding steady even after OPEC cut its demand forecast. Utilities and consumer staples each gained close to 2%, with staples like Kenvue and Dollar Tree rallying nearly 2% on Monday alone. Materials inched up 0.31%, while financials, telecom, and industrials were relatively flat.

Bond Market

The broad U.S. bond index rose 0.86%, helped by falling Treasury yields as investors leaned into safer assets after Fed Chair Powell hinted at tariff-driven price pressures and slower growth. High-yield bonds, despite their risk, gained 1.44%, and international corporate bonds led the pack, up 1.56% (remember, high-yield bonds often trend with small and mid-cap stocks). U.S. Treasuries bounced back from the prior week’s sell-off, with intermediate-term yields easing the most, though the 10-year Treasury yield briefly climbed to around 4.33% earlier in the week.

International Stocks

Stocks outside the U.S. had a solid week, riding hopes of trade deal progress and tariff relief. European markets rose 2.27%, with the STOXX 600 up 1.6% on Tuesday, fueled by a 2.3% surge in autos and parts. Pacific region stocks gained 3.39%, with Japan’s Nikkei up 1.18% and South Korea’s Kospi rising 0.95%. Latin America stole the show, jumping 4.13% as emerging markets found favor.

Alternative Assets

Gold was a standout, climbing 2.75% and hitting new highs as investors flocked to safety. Commodities broadly rose 2.23%, though oil stayed flat, with Brent crude at $64.67 a barrel. The U.S. dollar was down 0.55%, sitting near a six-month low against the yen and a three-year low against the euro due to trade policy uncertainty.