The S&P 500 has experienced a notable decline in April 2025, falling 8.1% so far, marking its largest monthly underperformance relative to global peers in 32 years. Since April 2, the US SPY ETF has dropped 6.6%, ranking as the third worst performer among 45 country ETFs worldwide, while other markets such as China, Japan, Germany, India, Argentina, and Mexico have posted gains. The month has been described as the "worst April since the Great Depression," with the SPY down 3.4% mid-month and international stocks generally showing positive returns. The decline has been driven largely by the "Magnificent Seven" tech giants, which include Tesla, Meta, Apple, Nvidia, Amazon, Microsoft, and Alphabet, all of which have posted substantial losses in Q1 2025, with Tesla down 35.83%, Nvidia 19.29%, and Alphabet 17.96%. This group dragged the S&P 500 down by nearly 15% in Q1, despite the broader S&P 493 index gaining 1.2%. Since "Liberation Day" on April 2, Bitcoin and gold have gained 12.5% and 4.8%, respectively, while the QQQ and SPY ETFs declined 0.2% and 4.0%. As of April 23, the S&P 500's monthly decline had narrowed from an 11.21% drop on April 8 to 4.21%, with five trading days remaining in the month.