Summary

• Equity markets surged in April, with the S&P 500 up 10% and the NASDAQ over 15%, driven by top-heavy gains in mega-cap tech stocks like NVDA.
• The economy and markets are highly bifurcated, with wealth and asset appreciation concentrated among the upper echelon while broader consumer sentiment hits multi-decade lows.
• Consumer credit stress is mounting, with record-high student loan, credit card, and auto loan delinquencies and rising housing foreclosures, especially among FHA borrowers.
• Wall Street has become disconnected from Main Street, even as the suffering consumer drives nearly 70% of economic activity in the United States.
• Looking for a helping hand in the market? Members of The Biotech Forum get exclusive ideas and guidance to navigate any climate. Learn More »

Equities posted an incredible performance in April. The S&P 500 rallied over 10%, and the NASDAQ climbed more than 15% for the month. These were the best monthly performances since 2020 for both indexes. Meanwhile, consumer sentiment is at the lowest levels since this metric started

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