TLDR: 2025’s Market Reversal Is No Ordinary Pullback
S&P 500 is down roughly -10% YTD (April 17)
All 11 sectors posted negative or flat returns, except staples and utilities
MAG7? Down bad: Tesla -35%, Apple -15%, Nvidia -15%, Microsoft -11%
In 2024, same time? SPX was +10%, 10 of 11 sectors were green
2025’s Trump 2.0 regime is spooking markets: tariffs, trade war, inflation fears
This April is eerily opposite to his first term: 2017 saw a quiet +5% climb
Seasonality suggests more chop ahead: May-August is usually weak
Defensive sectors are leading… historically a warning sign, not a buying signal
All signs point to short-term bear swings with selective bounces
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