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Capital Ideas™ 
Investment insights from Capital Group

Categories
World Markets Review
Trade war fears jolt markets: Q1 roundup
April 4, 2025

U.S. and international equities diverged as investors weighed the implications of a brewing trade war, waning consumer confidence and high valuations in the technology sector. After two years in a row of 20%-plus gains, U.S. stocks entered correction territory, falling roughly 10% in mid-March before recovering some of the losses. European stocks rallied as investors rotated into value-oriented areas of the market.


Technology stocks fell the most, pressured by valuation concerns and worries that a strong run-up in artificial intelligence stocks had gone too far. The consumer discretionary sector also slipped on sharp declines in U.S. consumer confidence. Amid rising market volatility, energy and utilities stocks fared better as investors favored solid, dividend-paying companies.


Bonds generally posted solid returns. U.S. Treasuries rallied as interest rates moved lower. The U.S. Federal Reserve took no action at its March meeting, leaving policy rates unchanged. Corporate bonds rose despite signs of weakening U.S. economic growth. Outside the U.S., European bonds rallied, driven by gains in the U.K., France and Germany.


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