April 1, 2025, Monthly Stock Market Return Recap, by Kip Lytel CFA, Montecito Capital Management. The S&P 500 and the Nasdaq Composite recorded their worst quarterly results since 2022 on Monday, as the uncertainty surrounding the economic agenda of the Trump administration disrupted U.S. equity markets in the first quarter of 2025. The S&P 500 declined by 4.6% for the quarter, while the Nasdaq Composite dropped by 10.5%. The Dow Jones Industrial Average also fell, decreasing by 1.3% during the first three months. In March, both broad equity market indices and technology benchmarks experienced significant downturns, with their largest monthly percentage losses since December 2022, as President Donald Trump introduced a series of new tariffs, raising concerns about a potential global trade war that could adversely affect economic growth and lead to inflation.