1 April 2025 | S&P 500

S&P 500 posts worst quarterly performance since 2022 amid Trump tariff uncertainty

S&P 500 posts worst quarterly performance since 2022 amid Trump tariff uncertainty

The S&P 500 recorded its worst quarterly performance since 2022 on Monday, with Reuters attributing the slump to ongoing uncertainty about US President Donald Trump's trade policies. The tariff concerns weighed heavily on US equity markets throughout the first quarter.

The S&P 500 dropped 4.6% last quarter, dragged down primarily by a tech sector selloff. Tesla and Nvidia led the declines, plunging 36% and 20% respectively. Despite this, most of the index's eleven sectors posted gains, led by energy's 9.3% increase.

Due to tariff uncertainty, Goldman Sachs has raised the probability of a US recession from 20% to 35% while cutting its year-end S&P 500 target to 5,700. The bank also anticipates more interest rate cuts by the Federal Reserve.

Elena Dorokhina MarketCheese
Period: 31.10.2026 Expectation: 1700 pips
Selling EURUSD on fundamentally strong dollar
Yesterday at 10:00 AM 18
Gold sell
Period: 31.10.2026 Expectation: 4000 pips
Go short on gold with $4,300 in mind
24 September 2026 33
Period: 31.10.2026 Expectation: 100 pips
Buy Brent crude upon breaking $104.60
24 September 2026 31
Period: 02.11.2026 Expectation: 1700 pips
GBPUSD sell-off targets 1.3200
22 September 2026 43
Period: 31.10.2026 Expectation: 300 pips
Buying AUDCAD with 1.0000 in sight
21 September 2026 48
Period: 31.10.2026 Expectation: 700 pips
Invest in USDJPY up to 157.70
21 September 2026 41
Go to forecasts