Weekly Market Recap – April 14, 2025

Last week’s erratic market moves were disorienting. On Tuesday, the S&P 500 closed out its worst four-day stretch since the pandemic, falling over 12% after the administration announced tariffs that exceeded market expectations. Shortly after, news that these tariffs would be suspended for most countries fueled a 9.5% market rally, the largest one day gain since 2008. Volatility wasn’t confined to just equities. 10-year yields fell 19bps due to increased growth fears after the tariff announce- ment, only to finish last week 47bps higher.