From Equity Research
Investors endured another volatile month of market swings with stocks closing out April with the worst performance dating to the financial crisis of 2008. A range of persistent uncertainties related to evolving Fed policy, inflation at 40-year highs, an ongoing invasion by Russia into Ukraine, and spiking COVID caseloads in China threatening widespread lockdowns have created volatile market conditions. Reflecting this environment, the VIX Index or “fear gauge” climbed from around the 20 level at the beginning of April to end the month near the mid-30’s. For the full month, major equity indexes declined sharply with the Dow Jones Industrial Average down 4.9%, the S&P 500® index down 8.8%, and the smaller cap weighted Russell 2000® decreasing 10.0%.