The S&P 500 suffered its worst quarterly loss in nearly three years, as Trump tariffs and related uncertainty rocked the U.S. stock market over the past several weeks. Bitcoin also was a big loser in the first quarter. But European stocks, gold and copper had big Q1 gains.
Despite Monday's reversal off six-month lows, the S&P 500 index fell 4.6% in Q1 while the Nasdaq composite gave up 10.4%. That was the worst quarterly loss for the S&P 500 since Q3 2002 and the Nasdaq's biggest decline since Q2 2022.
Tesla tumbled 35.8% in Q1, one of the worst S&P 500 performers. Tesla stock was easily the biggest loser among the Magnificent Seven stocks. but all seven megacaps declined. Meta Platforms, off 1.6%, was the only one not to suffer a double-digit Q1 loss.
The Dow Jones Industrial Average gave up 1.3%, its worst showing since Q2 2024.
Market Performance In Q1
| Index/commodity | First-quarter performance | |
|---|---|---|
| Dow Jones Industrial Average | -1.28% | Worst quarter since Q2 2024 |
| S&P 500 | -4.59% | Worst since Q3 2022 |
| Nasdaq | -10.42% | Worst since Q2 2022 |
| FTSE 100 (U.K.) | 5.01% | Best gain since Q4 2022 |
| DAX (Germany) | 11.32% | Best gain since Q1 2023 |
| Shanghai | -0.48% | Biggest decline since Q2 2024 |
| Hang Seng (Hong Kong) | 15.25% | Best gain since Q3 2024 |
| Bitcoin | -11.79% | Worst since Q2 2024 |
| Gold | 19.30% | Best gain since Q3 1986 |
| Copper | 25.90% | Best gain since Q1 2009 |
Source: Dow Jones
Germany, Hong Kong Stocks Jump
Meanwhile, Germany's DAX jumped 11.3%, its best quarter since Q1 2023, as European stock markets rallied on defense spending and stimulus hopes. The U.K.'s FTSE 100 gained 5% its best quarterly performance since Q4 2024. Hong Kong's Hang Seng Index rallied 15.25%, though that was only its best gain since Q3 2024.
Bitcoin Tumbles
Bitcoin sank 11.8% in Q1 to $82,402.07, as of 4 p.m. ET on March 31. That was the cryptocurrency's biggest quarterly decline since Q2 2024.
Ethereum dived 45.6% in Q1 to 1.820.08 as of 4 p.m. ET on March 31. That was its worst decline since Q2 2022.
Tesla Deliveries Due Amid Brand 'Destruction'; BYD Earnings Charge Higher
Gold, Copper Shine Amid Trump Tariffs
Gold futures gained 19.3%, hitting record levels in their best quarterly performance in more than 38 years. While Trump tariffs hammered the S&P 500 late in Q1, gold has been a safe haven amid the economic uncertainty.
U.S. copper futures rallied 25.9% in the best quarter since Q1 2009. Much of that gain reflects President Donald Trump pledging to impose copper tariffs. U.S. copper prices are much higher than in London.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
