Remember the adage, “March comes in like a lion and goes out like a lamb”? It certainly held true for the market this year; we gently entered the second quarter following the first quarter’s relatively mild volatility and strong performance. But in late April, the lion roared again — and volatility returned in full force.

Mid-quarter, the Nasdaq and the S&P 500 ended down four weeks in a row, while the Dow claimed six straight weeks of losses.1 Themarket’s sudden negative outlook seemed to be driven by the onagain, off-again news of the trade deal with China. More than once, hopes rose on reports we were on the brink of a deal, only to be dashed by another postponement.