After a strong start to the year, equity markets gave back a portion of year-to-date gains in April. A combination of geopolitical and macroeconomic factors coalesced, moving some investors to the sidelines during the month. Strength in the economic backdrop fueled rising concerns that the Fed might shift back to a somewhat more restrictive stance, thereby adding a potential headwind to equity performance. The VIX Index or “fear gauge” peaked mid-month in the high-teens, reflecting fears linked to rising Middle East hostilities before easing back to the mid-teens by month-end. For the full month, the Dow Jones Industrial Average decreased 5.0%, the S&P 500® index was down 4.2%, and the smaller cap-weighted Russell 2000® decreased by 7.1%.