Weekly "Focus" and the 9th on the 9th

For those who were not able to attend Monday’s webcast on “Reciprocal Tariffs: Market & Economic Implications”, here is the link to the replay: Watch Here

 

To say we have been experiencing significant volatility in the markets would be a major understatement. The table below shows the daily ups and downs as evidenced by Dow Jones Industrial Average (DJIA) so far this week (i):

 

Monday	-349 points	-0.9%
Tuesday	-320 points	-0.8%
Wednesday	+2,963 points	+7.9%
Thursday	-1,015 points	-2.5%

 

Some of the intra-day swings have been dizzying and through Thursday the DJIA was up on the week by 3.3% (i). As for the broader S&P 500 index, Wednesday April 9^th saw a rally of 9.5%, the 9^th largest gain ever in the index (i). The market moves are somewhat reminiscent of March 2020 at the outset of the Pandemic although much more muted. Back then, the S&P 500 experienced some of the largest ever one-day changes in both directions: March 12^th -9.5% (6^th worst) followed one day later on March 13^th +9.3% (10^th best) (i). These gyrations remind us of the importance of staying invested through volatile periods to capture the days when the market bounces back.

 

This week’s "Focus" from our economics team is attached.

 

Have a great weekend,

 

Brad

Senior Portfolio Manager and Senior Investment Advisor