Financial markets grappled with a storm of political maneuvering around trade, taxes, and regulation, stoking some investor unease.

During the recent period between index selection dates (March 13, 2025 – April 10, 2025, the “Period”), U.S. equity markets experienced severe volatility as escalating trade tensions drove a sharp repricing of risk assets. The S&P 500 fell approximately 4.5%, while the Nasdaq Composite dropped 5.2%, reflecting mounting investor anxiety following President Trump’s April 2nd “Liberation Day” announcement. The policy, enacted under emergency economic powers, imposed a 10% tariff on nearly all U.S. imports and sharply higher “reciprocal” tariffs on over 60 countries—ranging from 24% on Japan to an eventual 145% on China. The sweeping nature of the tariffs, coupled with fears of retaliatory action and supply chain disruption, triggered a historic selloff. The S&P 500 posted its fifth biggest two-day decline in the index since 1950 on April 3rd and 4th, declining 4.9% and 6.0% respectively, while the Nasdaq entered bear market territory. The VIX surged above 50—its highest level since the 2020 pandemic—amid a flight from risk assets and growing warnings from corporate leaders and global trade bodies about the economic consequences.

Yet just as panic peaked, markets staged a dramatic turnaround. On April 9th, Trump unexpectedly paused the implementation of most tariffs for 90 days—excluding those targeting China—and lowered rates on several key trade partners, citing “constructive dialogue” and market feedback. The move sparked a record-breaking relief rally: the S&P 500 surged 9.5%, its third-largest single-day gain since 1940, and the Nasdaq jumped 12.2%, as investors rushed back into beaten-down names. While the rebound recaptured a portion of earlier losses, the broader tone remained cautious. Earnings guidance from multinationals flagged continued supply disruptions, and sticky inflation in services kept the Fed on hold at its March meeting. With geopolitical headlines driving sharp market swings and election rhetoric heating up, the Period underscored the market’s sensitivity to policy risk—and the speed at which sentiment can shift.

The BUZZ NextGen AI US Sentiment Leaders Index (“BUZZ Index”) returned -9.07% during the month of March compared to a return of -5.63% for the S&P 500 Index during the same period. Year-to-date, the BUZZ Index lags the S&P 500 with returns of -10.13% and -4.27%, respectively, as of the end of March.

Shares of Celsius Holdings (NASDAQ: CELH) extended their momentum and led gains in the BUZZ Index for a second consecutive Period, as investors appeared to respond positively to a series of strategic developments. The completion of the company’s $1.8 billion acquisition of Alani Nutrition on April 1, which includes $150 million in tax assets and potential cost synergies of $50 million over two years, may have reinforced optimism around Celsius’ efforts to broaden its health-focused product portfolio and appeal to new consumer demographics. The appointment of former PepsiCo executive Eric Hanson as President and COO in late March was also viewed by some analysts as a signal of the company’s intent to accelerate global expansion, supported by new distribution partnerships in Europe. Taken together, these developments contributed to renewed enthusiasm around Celsius’ long-term growth strategy, helping the stock outperform broader markets despite ongoing concerns about the consumer discretionary backdrop.

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