
April 2025 Market Memo
Equity Markets: The past few weeks have been a rough ride for most major markets. The S&P 500 has seen massive intra-day swings, 5% down days, and a near -10% single-day rally. Market volatility has reached levels surpassing COVID and was last seen during the Great Financial Crisis1. The VIX, which gives insight into investors’ expectations for near-term market volatility,…