Markets

First-Quarter Market Recap: US Stocks Tumble, Gold Shines Amid Rising Uncertainty

First-Quarter Market Recap: US Stocks Tumble, Gold Shines Amid Rising Uncertainty
A trader works on the floor of the New York Stock Exchange, in New York City, on April 1, 2025. Charly Triballeau /AFP via Getty Images
Panos Mourdoukoutas
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News Analysis

U.S. stocks ended a turbulent first quarter with hefty losses, led by technology shares and small-capitalization stocks. Most of the losses occurred in the second part of the quarter because of rising uncertainty over the economy and the direction of trade and monetary policies. The stretching of valuations in the sectors related to artificial intelligence (AI) further weighed on the demand for risky assets, while gold, a hedge against uncertainty, shone.

Panos Mourdoukoutas
Panos Mourdoukoutas
Author
Panos Mourdoukoutas is a professor of economics at Long Island University in New York City. He also teaches security analysis at Columbia University. He’s been published in professional journals and magazines, including Forbes, Investopedia, Barron's, IBT, and Journal of Financial Research. He’s also the author of many books, including “Business Strategy in a Semiglobal Economy” and “China's Challenge.”