The Market in Pictures, April 17

Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from the US dollar to bonds to the economy to US and foreign stock markets. Happy Easter to you!

Brett: The value of the US dollar is off to its weakest start of the past 20 years

Data as of 04.16.2025

John Luke: The dollar weakness is also feeding into the rise in Treasury yields

Data as of 04.14.2025

Arch: and is likely tied to the extraordinary moves in the bond market in recent weeks

Source: Apollo as of 04.10.2025

John Luke: Investors and economists are trying to evaluate the timing and validity of soft vs. hard data, meaning surveys vs. actual output

Brian: Survey data has turned unequivocally lower on tariff uncertainty

Source: @thestalwart as of 04.16.2025

Joseph: while output data has stayed strong, perhaps due to buyers getting out in front of tariffs

Jake: either way, pronounced economic weakness would be likely to do more harm than good to deficit reduction efforts

Data as of 04.15.2025

John Luke: Strategist targets are predictably being chased lower

Source: Strategas as of 04.14.2025

Ten: and we’re now in a volatility zone from which prices have historically shown higher potential

Joseph: Developed economy growth estimates are coming down at a pretty good clip

Data as of 04.13.2025

Arch: given the higher exposure to US assets, our markets are more a bit more prone to an unwinding

Brad: As we head into earnings season, the correction in prices means lower valuations especially for the formerly popular Mag 7 names

Brett: the question is, have expectations fallen enough to allow for relief rallies as earnings pass

Data as of 04.14.2025

Brad: One hope for the US economy vs. others is its lighter reliance on trade as a portion of the economy

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