Insights

April Market Review

June 2, 2025

Kaleb Fontenot, AAMS®

Associate Advisor at Rolling Hills Advisors

Market Performance for the Month of April

S&P 500
-0.67%

NASDAQ
0.88%

DOW 30
-3.08%

All economic numbers and information discussed in this article are provided by our research partners Bespoke and YCharts.

If there’s one word to describe the stock market over the past few months, it’s volatile. Within this year, we have experienced a 15% market pull back, repeated spikes of the VIX (volatility index), and even found a way to rally at the end of April with a 9-day winning streak. Accounting for all the volatility, the S&P 500 ended the month with a modest decline of -0.67% obscuring the turbulent ride of the last thirty days. The Dow Jones Industrial Average on the other hand saw a steeper decline of -3.08%, due in part by 21 of the 30 index components posting losses, but none more significant than Chevron (-18%) and UnitedHealth Group (-21%), which together make up roughly 8% of the index.

Fortunately, there were some bright spots, and the benefits of asset diversification continued to pay off. The Nasdaq Composite gained 0.88%, thanks to a rebound in tech stocks that had been under pressure earlier this year. International markets also fared well with the MSCI EAFE index rising approximately 4%. Fixed income provided further stability, with the Bloomberg Aggregate US Index increasing by 0.43%.

As investors looked for economic data to resolve some of the uncertainty, the best they could obtain was mixed signals. Inflation dropped to its lowest year-over-year level since February 2021, due in part to WTI crude oil prices tumbling -11.9%, dragging the S&P 500 Energy sector (SPXNRGS on YCharts) down-14.23%. Employment data remained resilient but fears over the impact of tariffs paralyzed many corporations. This uncertainty has led many companies in their Q1 earnings calls to issue dual guidance forecasts—or forego guidance entirely—to navigate the unpredictable landscape and manage expectations. Looking ahead, the economic outlook remains uncertain, with risk factors spanning interest rates, global conflicts, shifting consumer behaviors, and tariff pressures.

In times like these, we’re reminded why our strategy remains grounded in discipline: staying well-diversified across asset classes and never taking on more risk than necessary. This approach continues to serve our clients well through volatile markets and reinforces our commitment to long-term financial resilience.

If you are interested in reading more about each asset class’s performance during the month of April, click here.

Sources & Disclosures

This commentary is provided for informational and educational purposes only. As such, the information contained herein is not intended and should not be construed as individualized advice or recommendation of any kind.

The opinions and forward-looking statements expressed herein are not guarantees of any future performance and actual results or developments may differ materially from those projected. The information provided herein is believed to be reliable, but we do not guarantee accuracy, timeliness, or completeness. It is provided “as is” without any express or implied warranties.

Asset allocation and diversification are investment strategies designed to help manage risk, but they do not ensure a profit or protect against loss in a declining market. There is no assurance that any investment, plan, or strategy will be successful. Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results, and nothing herein should be interpreted as an indication of future performance. Please consult your financial professional before making any investment or financial decisions.

Equity securities are subject to price fluctuation and investments made in small and mid-cap companies generally involve a higher degree of risk and volatility than investments in large-cap companies. International securities are generally subject to increased risks, including currency fluctuations and social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

Fixed-income securities are subject to loss of principal during periods of rising interest rates and are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors before investing. Interest rates and bond prices tend to move in opposite directions. When interest rates fall, bond prices typically rise, and conversely, when interest rates rise, bond prices typically fall.

The S&P 500 is a stock index considered to be representative of the U.S. stock market in general. The NASDAQ Composite Index is an unmanaged composite index of over 2,500 common equities listed on the NASDAQ stock exchange. The Dow Jones Industrial Average is a price-weighted index that tracks 30 large, publicly traded American companies. The MSCI EAFE Index tracks large cap and mid-cap companies in developed countries around the world. The index primarily covers Europe, Australasia, and the Far East regions. The Bloomberg US Aggregate Bond Index is a benchmark index composed of US securities in Treasury, Government-Related, Corporate, and Securitized sectors. The S&P 500 Energy comprises those companies included in the S&P 500 that are classified as members of the GICS energy sector. All index returns exclude reinvested dividends and interest. Indices are unmanaged and cannot be invested into directly.

Investment Advisory Services are offered through Mariner Platform Solutions (MPS), an SEC Registered Investment Adviser. Rolling Hills Advisors and MPS are not affiliated entities. For additional information about MPS, including fees and services, please contact MPS or refer to Form ADV Part 2A, which is available on the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). Registration of an investment adviser does not imply a certain level of skill or training.