Monthly Market and Portfolio Review
April 2025 Market Recap: A Wild Ride for Investors
April was anything but boring. From trade drama to political fireworks, markets lurched up and down as investors reacted to headlines almost daily. It wasn’t a meltdown, but it definitely tested our nerves.
The Dow Jones Industrial Average (DJIA) came close to its worst April since 1936, dropping 3.2% as President Trump’s new tariffs and criticism of US Federal Reserve (Fed) Chair Jerome Powell shook investor confidence. A late-month easing in tensions with China and a softening stance toward the Fed helped limit further losses – but volatility stayed high. Of the four major indexes—the S&P 500 (S&P), Nasdaq Composite Index (Nasdaq), DJIA, and Toronto Stock Exchange Composite Index (TSX) – only the Nasdaq managed to end the month higher, as shown in the chart below.
1. Tariffs everywhere: President Trump extended tariffs to nearly all US trading partners, spiking uncertainty. He then backtracked and levied a baseline 10% tariff, with each country given the option to negotiate separate trade deals. Markets struggled to price in the impact, and investors flipped between fear and optimism as the trade picture shifted by the day.
2. Fed under pressure: Renewed attacks on Fed Chair Powell raised questions about central bank independence – something markets don’t take lightly.
3. Economic slowdown: The US economy contracted in the first quarter. Consumer spending and confidence dropped, inflation continued to cool, and the labour market showed signs of strain – likely side effects of the trade war.
4. Earnings mixed: Strong results from big banks and a few heavyweight tech names helped stabilize markets at times, but earnings overall were a mixed bag.
5. Global tensions: Ceasefire talks in Ukraine and Israel-Hamas negotiations added another layer of uncertainty.
How did markets react?
In the US, volatility surged, nearing historical highs as indexes swung wildly. The Nasdaq bounced around the most, reacting sharply to every new twist in the trade and Fed stories.
Here in Canada, the TSX followed the global mood. Tariff fears, inflation concerns, and choppy commodity prices – especially oil and gold – drove sharp swings. The TSX clawed back some losses by month-end but still logged its third straight monthly decline. When the US sneezes – or fires off a tweet – Canada catches a cold.
Final thoughts
April was a reminder that markets move fast when uncertainty takes the wheel. Staying invested through turbulence isn’t easy, but these swings are part of the journey. It takes steady nerves to hang in and be greedy when others are fearful – but if you can stay focused and think long-term, you’re stacking the odds in your favour that you can build your wealth through investing. Here’s hoping May brings a bit more calm… but that’s probably wishful thinking. 😊
April was a mixed bag for the major indexes. The TSX dipped 0.3%, the S&P 500 slipped 0.8%, and the DJIA sank 3.2%. The Nasdaq stood out as the only gainer, rising 0.9% amid the volatility.
| Portfolio | Monthly Streak |
| Portfolio 1: | 3 – month losing streak |
| Portfolio 2: | 1 – month winning streak |
| Portfolio 3: | 3 – month losing streak |
It was another tough month for the portfolios – though thankfully not as rough as March. The more aggressive Portfolios 1 and 3 felt the brunt of the market’s whiplash, while the more balanced Portfolio 2 managed to eke out a small gain… but hey, a gain is a gain. 😊 On the bright side, I used the volatility as a buying opportunity and added some shares of Interactive Brokers Group (NASD: IBKR) during a dip. I’d been watching the company for a while, and when the price slipped, I jumped at the chance to become an owner of the company.
What My Three Portfolios Did in April
Portfolio 1 for April 2025: DOWN 
Activity
Bought: International Brokers Group, see April 18 Weekly Update.
Dividends Received this month:
Companies followed by DRIP (Dividend Re-Investment Plan) indicate additional shares were purchased with the dividend. Any cash leftover was added to the cash balance.
Canadian $
Canadian National Railway (TSE: CNR)
Tourmaline Oil Corp (TSE: TOU)
Telus (TSE: T) DRIP
Andlauer Healthcare Group Inc (TSE: AND)
Decisive Dividend Corp. (TSE: DE) DRIP
BCE Inc (TSE: BCE) DRIP
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
US $
NVIDIA Corp. (NASD: NVDA)
Walmart (NYSE: WMT)
BSR Real Estate Investment Trust (TSE: HOM.UN)
Quarterly Reports
Alphabet Inc.
First quarter 2025 financial results on April 24, 2025
Celestica Inc.
First quarter 2025 financial results on April 24, 2025
Kraken Robotics Inc.
Fourth quarter 2024 financial results on April 28, 2025
Visa Inc.
Second quarter 2025 financial results on April 29, 2025
PayPal Holdings, Inc.
First quarter 2025 financial results on April 29, 2025
Grab Holdings Limited
First quarter 2025 financial results on April 29, 2025
Portfolio 2 for April 2025: UP 
Activity
No significant activity to report this month.
Dividends Received this month:
Canadian $
Tourmaline Oil Corp (TSE: TOU)
Brookfield Infrastructure Partners LP (TSE: BIP.UN)
Brookfield Infrastructure Corp (TSE: BIPC)
Canadian Natural Resources (TSE: CNQ) DRIP
Telus (TSE: T) DRIP
Alimentation Couche-Tard Inc (TSE: ATD)
South Bow Corp (TSE: SOBO)
Whitecap Resources Inc (TSE: WCP)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN)
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
US $
No US$ dividends this past month.
Quarterly Reports
Dollarama Inc.
Fourth quarter 2025 financial results on April 3, 2025
Whitecap Resources Inc.
First quarter 2025 financial results on April 23, 2025
Guardant Health, Inc.
First quarter 2025 financial results on April 30, 2025
Microsoft Corp.
Third quarter 2025 financial results on April 30, 2025
Portfolio 3 for April 2025: DOWN
Activity
No significant activity to report this month.
Dividends Received this month:
Canadian $
Brookfield Renewable Corp (TSE: BEPC)
Brookfield Asset Management (TSE: BAM)
TD US Equity Index ETF (TSE: TPU)
Brookfield Corporation (XTSE: BN)
Brookfield Renewables Partners LP (XTSE: BN)
Alvopetro Energy Ltd (TSE: ALV)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN) DRIP
goeasy Ltd (TSE: GSY)
US $
No US$ dividends this past month.
Quarterly Reports
Vertiv Holdings Co.
First quarter 2025 financial results on April 23, 2025
Real Matters Inc.
Second quarter 2025 financial results on April 30, 2025
Microsoft Corp.
See report under Portfolio 2.