Hi All — Brian here. You know what they say: April showers bring May flowers. Last month certainly felt “dreary” at times, at least in regards to market sentiment. President Donald Trump’s “reciprocal” tariff announcement on April 2 sent shockwaves through the global financial system, causing the S&P 500 to fall 11% at one point. However, as Trump walked back threats around more aggressive levies, we witnessed a fairly pronounced rebound. More on that below.

The upswing brings me back around to the concept of May flowers, as perhaps there is hope for regrowth and new beginnings this month. Regardless of the markets’ mood, it’s important to stick to a plan as we mentioned in April.

If you need help locking in a plan that’s right for you, or want to revisit your existing strategy, we’re just a phone call away. For now, let’s dive into what happened in April.

APRIL MARKET PERFORMANCE

APRIL MARKET SUMMARY

• The April jobs report painted a stronger picture of the economy than initially projected. According to the Labor Department, nonfarm payrolls grew by 177,000 last month, handily beating economists’ projections of 133,000. This eased fears of a imminent recession while trade talks continue during the second quarter.

• With that said, according to the Commerce Department, U.S. GDP fell at a 0.3% annual rate in the first quarter of 2025. This was the first contraction since 2022.

• According to a reading from The University of Michigan, consumer sentiment fell 8% in April from the prior month. The figure clocked in at 52.2 for the month.

• It was a rough month for energy stocks. The energy sector underperformed in April, falling almost 14%. The slide appeared to mirror a similar decline in the price of oil with futures for the U.S. benchmark trading at roughly $60 per barrel at the end of last month.

• On the earnings front, results have been relatively solid, but many executives are citing uncertainty as a result of the ongoing tariff negotiations. According to Factset, Just over 76% of companies have reported earnings per share above estimates—slightly below the 5-year average of 77%, but higher than the 10-year average of 75%.

ONE BIG THING: TARIFFS (AGAIN)

That’s right, you guessed it — tariffs, again.

Import taxes, an increasingly familiar topic, were the talk of the town all last month. It started on April 2nd — or, as President Donald Trump labeled it, “Liberation Day” — when the White House unveiled plans to levy sweeping tariffs ranging from 10% to 50% on the vast majority of foreign nations and territories.

The announcement sent equities plummeting, with the Dow Jones Industrial Average shedding more than 1,500 points on back-to-back days for the first time in history. But stocks quickly rallied a week later, when President Trump announced a 90-day pause on the highest tariffs for most countries. By the end of the month, the Dow and S&P 500 had clawed back the worst of their losses, and the Nasdaq Composite, which closed in a bear market the day before the pause, actually ended the month in the green.

The pause gave investors reason to remain optimistic. But lingering tariffs on China — which refused to walk back its retaliatory tariffs and ended the month facing a 145% tax on all exports to the U.S. — cast a looming shadow over sentiment on the Street.

There has already been progress on this front in May. Hopefully, the coming months will offer clarity on whether President Trump intends to extend the pause via trade deals, or is simply biding time until he can press “play”.

FEATURED POST

Tariffs and Trade Wars: Protecting Your Portfolio in a Shifting Global Economy

Tariffs and trade wars have brought the global economy into a season of uncertainty. The specifics of U.S. President Donald Trump’s new taxes on imported goods from Canada, China, Mexico, and more are ever-shifting. But one thing has remained constant: the market turbulence they’re stirring.

Let’s look at how the current tariffs and trade wars might affect financial markets — and your portfolio.

Click here to keep reading →

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CLOSING REMARKS

Our team at Griffin Asset Management is here to help you make the most of the opportunities and challenges ahead.

If you have any questions or would like to discuss your financial strategy, please don’t hesitate to reach out.

We’re always available to set up a call and provide the personalized advice you need. Thank you for your continued trust and partnership.