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The U.S. economy declined at an annualized rate of 0.3% in the first quarter of 2025, marking the first negative reading since early 2022.

As you know, President Trump announced new tariffs on nearly all major U.S. trading partners on Wednesday. The tariffs proved more stringent than the market anticipated.

The administration’s chaotic approach to tariffs – including imposing them, suspending some and walking back others – continues to reverberate through the markets.

Trade headlines continue to weigh on markets as new tariffs on Canada, Mexico and China have gone into effect. Tensions are high as impacted countries are retaliating with tariffs.

The past two years have been remarkable for stocks, as the S&P 500 is on its way to posting back-to-back gains of more than 20%.

All eyes are on the incoming Trump administration, the transition to a Republican controlled Congress, and the potential impact both will have on the economy and the financial markets.