As of late April 2025, the global stock market remains volatile and uncertain. While some indices have shown signs of recovery, experts caution that a definitive market bottom has yet to be established.
Recent Market Turmoil
The downturn began on April 2, 2025, when U.S. President Donald Trump announced sweeping tariffs affecting nearly all sectors of the U.S. economy. This move triggered a significant sell-off in global markets, leading to the largest decline since the 2020 pandemic-induced crash. Major U.S. indices, including the S&P 500, Dow Jones, and Nasdaq, experienced sharp declines, with the S&P 500 losing nearly 10% over two days. The volatility was further exacerbated by retaliatory tariffs from China and concerns over a potential recession.
Current Market Performance
Despite recent gains, U.S. markets have underperformed compared to international counterparts. The MSCI USA index has declined by 11% year-to-date, while the MSCI All World ex-US index has risen by 4%. European markets, such as Germany’s DAX and France’s CAC 40, have seen significant increases, buoyed by increased government spending and investor confidence. 
Recent rallies in U.S. markets, including a 4.6% rise in the S&P 500, have been attributed to easing trade tensions.However, analysts warn that these gains may be short-lived due to ongoing economic uncertainties and cautious corporate earnings forecasts.
Expert Insights
Fidelity’s global macro strategist, Jurrien Timmer, suggests that the current market correction resembles the 2018 downturn, indicating a potential bottom for the S&P 500 around the 4,900 level.
Bridgewater Associates highlights the risks posed by a shift from globalization to protectionism, noting that U.S. assets are vulnerable due to weaker growth and diminished foreign investment.
Conversely, JPMorgan maintains a bullish outlook, projecting the S&P 500 could reach 5,800 by year-end, driven by strong corporate buybacks and potential easing of trade tensions.
Conclusion
While there are signs of stabilization, the global stock market has not definitively reached a bottom. Investors should remain cautious, monitor economic indicators, and consider diversifying their portfolios to mitigate risks associated with ongoing geopolitical and economic uncertainties.
