As you may be aware, the stock market has dropped today in response to new tariff policies announced by the White House yesterday. The S&P 500 is down 4.4%, while other parts of the market are down somewhat more or less than that. Year-to-date, the S&P has lost about 8%. Below are a few thoughts on this topic:

• While this year’s decline, and especially the decline today, are unnerving, this comes on the heels of strong gains over the past year. Over the past 12 months—even including today’s losses—the S&P has actually gained 4%.
• That said, market downturns are never welcome, and the reality is that we could see further declines. Markets today, as always, are at the mercy of the news cycle. And while my advice is always to focus on the long term—because I do believe that the market, on average, will gain over the long term—it’s hard not to be affected by declines in the short term. If you have specific questions, please do not hesitate to reach out.