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Weekly market recap & what's ahead - 23 April 2025
Macro 3 minutes to read
Koen Hoorelbeke
Investment and Options Strategist
Weekly Market Recap & What's Ahead
23 April 2025 (recap 14 to 15 April 2025)
Note: Due to the long Easter weekend, this edition covers only two trading days and is published later than usual.
Key Takeaways
- Equities rose sharply on tariff exemption optimism.
- Volatility significantly eased, though caution persists.
- Bitcoin and Ethereum gained on equity market optimism.
- US Treasury yields fell notably amid tariff and geopolitical concerns.
- Gold prices surged near record highs above $3300.
- USD weakened sharply after new export restrictions to China.
Market Recap (14 to 15 April 2025)
Equities
- US stocks climbed Monday (14 April), bolstered by temporary tariff exemptions benefiting autos and electronics, including Apple (+2.2%) and Dell (+4%). Ford and GM gained 3%-6%, and financials rose with Goldman Sachs (+1.9%) earnings (15 April). Tuesday (15 April), markets turned mixed; Nvidia fell sharply (-5.7%) after-hours due to blocked exports to China, dragging Nasdaq futures down by 2.1% (16 April).
- European equities surged Monday on tariff relief, lifting banks like BNP Paribas and insurers like Munich Re by 4%-6.5%. Auto stocks, including Stellantis (+6.5%), rose significantly Tuesday amid hopes of a tariff pause, although luxury stock LVMH declined by 7% due to earnings disappointment (16 April).
- Asian equities had mixed sessions. Japan’s Nikkei and South Korea’s KOSPI initially benefited from tariff optimism. However, China's markets declined Wednesday on intensified US-China tensions, despite reporting strong Q1 GDP growth of 5.4% (16 April).
Volatility
The VIX significantly declined, dropping 17.8% to 30.89 on easing short-term anxiety (15 April). Despite a slight further reduction to 30.12 Tuesday (16 April), futures indicate continued caution and anxiety driven by the Nvidia export restrictions.
Digital Assets
Bitcoin and Ethereum rose Monday amid equity market optimism, with Bitcoin reaching $85,507 (+1.11%) and Ethereum $1,641 (+1.07%) (15 April). Slight declines followed Tuesday due to renewed tariff uncertainties, with Bitcoin slipping to $83,464 (-0.21%) and Ethereum to $1,573 (-0.39%) (16 April). MicroStrategy notably rose (+3.82%) after additional Bitcoin purchases.
Fixed Income
US Treasury yields dropped, particularly at the long end. The 10-year yield fell from 4.48% Monday to approximately 4.32% Wednesday morning amid ongoing geopolitical and trade concerns (16 April). The 2-year yield declined sharply overnight Tuesday to around 3.80% due to heightened risk aversion following US restrictions on chip exports to China (16 April).
Commodities
Gold surged to new record highs near $3300, reflecting increased safe-haven demand due to persistent trade tensions, marking a 25% year-to-date gain (16 April). Crude oil prices weakened following reduced global demand forecasts amid escalating US-China trade issues (16 April).
Currencies
The US dollar weakened significantly following Trump administration moves restricting chip exports to China. USDCHF dropped below 0.8150, approaching recent cycle lows. USDJPY and USDCNH faced similar downward pressures, reflecting broader USD weakness (16 April).
Looking Ahead (23 to 25 April 2025)
This week's market will focus on:
- Wednesday: New home sales data, US PMI, Federal Reserve Beige Book, earnings from Boeing, IBM, AT&T, Chipotle.
- Thursday: Jobless claims, durable goods orders, Alphabet, Intel, Procter & Gamble earnings, Fed remarks from Kashkari.
- Friday: Final consumer sentiment index, earnings from AbbVie and Colgate-Palmolive.
Investors will closely watch earnings from Magnificent Seven companies like Alphabet and Intel, consumer sentiment data, housing market indicators, and remarks from multiple Fed officials amidst ongoing tariff-related uncertainties.
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