It has been a very tough year for U.S. stocks, with most of the largest winners from 2023 and 2024 taking a lot of the damage. That's not to say that the carnage has been limited to the past highflyers, as losses have been broad. The weakest stocks in the S&P 500 (SPX) in 2025 come from Consumer Discretionary, Information Technology, Industrials, Financial, and Materials. Strength has come mostly from defensive areas like Healthcare, Consumer Staples, and Utilities. The S&P 500 is off by 10% this year; the S&P 100 (OEX) and S&P Midcap 400 (MDY) by 12%; the Nasdaq 100 by 13%; the Nasdaq by 16%; and the S&P Small Cap 600 (SML) by 17%. Looking at the weakest industry performers over the past three months, and using Dow Jones indices, it's all red in the world of Information Technology, with the largest losers being renewable energy (-34%), semiconductors (-27%), electrical components (-22%), and electronic equipment, hardware, telecom equipment and software down between 14% and 18%. Within Industrials, 10 out of 12 industries are off at least 10%, with big losses from airlines (-36%) and with delivery services and heavy construction declining 23%. In Consumer Discretionary, 13 of 21 industries have lost at least 10%, with autos and durable household products both dropping about 40%. In Communication Services, media agencies have plunged 39% and internet has declined 20%. Looking overseas, we have seen some nice outperformance in 2025 for the first time in many years. Poland (EPOL) has soared 36%, Spain (EWP) is up 26%, Austria (EWO) is up 21%, Chile (ECH) is up 20%, and Germany (EWG) and Mexico (EWW) are up 17%. (Mark Arbeter, CMT)

Netflix is a worldwide video-on-demand distributor of movies and television shows over the internet (except in China and a few other countries). Subscribers have access to the Netflix content library for a fixed monthly subscription fee. The company offers several service tiers, including a discount, advertising-supported service. Netflix derives 59% of its revenue from outside the U.S.

Markets are inching their way higher as we approach the hour that Wall Street will get more clarity on new tariffs. The White House says that details are coming at 4pm. Today is the day that President Trump has identified as Liberation Day. So far we've heard this means broader, sweeping tariffs on more countries, beyond Mexico, China, and Canada, where Trump has focused so far. The yield on the 10-year Treasury note is at 4.15%. Oil is $71 per barrel. Bitcoin is near $86,000.

Alphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google’s subscription services (YouTube TV, YouTube Music among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google’s cloud computing platform, or GCP, accounts for roughly 10% of Alphabet’s revenue with the firm’s investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) making up the rest.