In some years, the stock market is more volatile than usual, and 2025 is shaping up to be one of those years.
In April, both the Nasdaq and the S&P 500 cratered, falling roughly 20% from their February market highs, as investors dumped stocks in reaction to the Trump administration’s tariff policy. Markets did sharply rebound in the ensuing months as the so-called “TACO” trade — a tongue-in-cheek market acronym for “Trump always chickens out” — unfolded. But shares in some companies remained depressed, as it seemed likely that they would ultimately suffer from some form of tariff implementation.
