April 2025 Market Quick Hit

• A volatile month for equities ended with relatively benign results as the S&P 500 fell 0.67% in April.

• The month was highlighted by volatility surrounding US trade policy as the market had a strong negative reaction to the April 2nd announcement of significant tariffs on all countries, followed by a reversal on April 8th on the announcement of tariff delays.

• International stocks continued to outpace US stocks with the MSCI All Country World ex US Index, rising 3.61% marking the 5th consecutive month of international outperforming US stocks.

• Yields on 10-Year treasury bonds fell slightly, reflecting a “flight to quality” as investors moved out of risk assets amid equity market volatility.

• Gold and Bitcoin also rallied during the month as investors sought non-tariff-related investments.

Positioning & Outlook

• The changing narrative from Washington on tariffs has left companies and investors uncertain about how tariffs will ultimately affect corporate earnings.

• Consumer confidence, as measured by the University of Michigan Index of Consumer Sentiment, fell for the fourth straight month to its lowest level since June of 2022.

• Companies continue to struggle to understand where tariffs will ultimately land and, therefore how to manage their businesses accordingly.

• We would not be surprised if the US experienced a short-lived recession in 2025, but do not currently believe it would be a significant long-term threat, but would create additional volatility in the markets.

Advisory services are provided by Bison Wealth, LLC (“Bison”) an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. The information contained herein is for informational purposes only, is believed to be reliable, has not been independently verified and is based on the opinions of Bison and subject to change at any time without notice. Nothing herein should be deemed an offer or solicitation to buy or sell a security or to provide investment advice. All investments contain risks to include the total loss of invested amounts. Past performance is not indicative of future results. Diversification does not protect against losses.

Index Disclosure
An index typically measures the performance of a basket of securities intended to replicate a certain area of the market, asset class or geopolitical region among others. Indices do not represent investments in actual accounts. Investors cannot invest directly in an index. The asset classes noted here reflect the following indices: “U.S. Large Cap” represented by the S&P 500 Index. “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index.