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During the week of April 14–17, 2025, U.S. equities lagged, while international stocks, oil, and gold outperformed.

The worst-performing categories were:

The top-performing categories included:

Fixed income held up well, with prices edging higher and yields dipping slightly. Interestingly, despite recent volatility, long-term U.S. government bonds are flat (0%) year-to-date (YTD), suggesting that investors are not viewing Treasuries as a go-to safe haven at the moment.

Instead, investors seem to favor gold, which is up 25% YTD, and international equities such as Europe and Latin America, both up 11% YTD.

A key driver behind this trend may be U.S. dollar weakness: the dollar is down –1% for the week and –8% YTD against developed market currencies.

Disclosures:
The analysis is based on historical data and future expectations that may not be correct. This paper was written as an opinion only. The data is not guaranteed to be accurate or complete. Please consult with your financial advisor before making an investment decision. Neither ECNFIN.COM nor its author is responsible for any damages or losses arising from any use of this information. Past performance doesn’t guarantee future results.

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