The S&P 500 and Nasdaq Composite experienced their worst quarterly performances since 2022 in the first quarter of 2025, with the S&P 500 declining by 4.6% and the Nasdaq 100 falling by 8.3%. This downturn marks the S&P 500's weakest quarterly performance relative to global markets since the 1980s, underperforming global stocks by the largest margin in 16 years. The Dow Jones Industrial Average also saw a decline of 1.27%, while the Nasdaq Composite dropped by 10.42%. Uncertainty around the Trump administration's economic agenda, particularly its tariff policies, has contributed to the volatility in U.S. equity markets. Investors are increasingly looking overseas for more stable investment opportunities, as evidenced by the Stoxx Europe 600 index outperforming the S&P 500 by nearly 10 percentage points in the first quarter of 2025. The MSCI All Country World Index, excluding the U.S., rallied approximately 5% during the same period. The tech sector, a significant component of the U.S. market, has been particularly affected, with companies like Tesla experiencing a sharp decline of nearly 36%. This has led to a broader market shift, with investors seeking safer havens in sectors like healthcare, consumer staples, and utilities. Amidst this uncertainty, gold prices have surged by 19%.