April began on a turbulent note as the White House announced tariffs on April 2, the much anticipated “Liberation Day.” The U.S. equity market, as measured by the S&P 500 Index, swiftly fell from a closing level of 5,671 on April 2 to 4,983 on April 8, with the CBOE Volatility Index (VIX) spiking to 52.3 from 21.5 over the same period. Markets recovered much of the losses over the remainder of the month after President Donald Trump softened the tariff approach, with the S&P 500 and VIX ending April at 5,569.1 and 24.7, respectively. However, significant unknowns remain regarding tariffs, potential future trade deals, and related global growth and inflation trajectories.
