DC Lite #353

1. Q1 GDP (I). "Real GDP fell -0.3% in the first quarter. But a better measure of underlying domestic demand—real final sales to private domestic purchasers (GDP less inventory change, net exports, and government spending)—grew at a 3% annualized rate."

2. Q1 GDP (II). "Net exports subtracted nearly 5 percentage points from 1Q2025 GDP… most in history."

3. Uncertainty. "Policy uncertainty has gripped the market in 2025."

4. SPX vs. VWAP. "The S&P 500 rallied +2.4% off its intraday low to finish in the green — a clear sign the bulls aren’t backing down. Despite a choppy ride in April, the index ended the month nearly flat (-0.76%) and managed to finish above several key levels — including the AVWAP from the all-time highs."

5. SPX rolling returns. "This year’s pullback in US large caps has been unwelcomed, but a look at historical 2-year returns shows it was necessary to avoid a much larger problem down the road."

ICYMI