#MarketPullback Current market pullback is caused by various factors, including¹ ²:

- *Economic Uncertainty*: US GDP growth turned negative in Q1 2025, with a decline of 0.3%, largely due to a spike in imports. However, consumption remains relatively healthy.

- *Trade and Tariffs*: The direction of trade and tariffs is a significant concern, with potential implications for corporate earnings and economic growth.

- *Interest Rates*: The Federal Reserve's decisions on interest rates are being closely monitored, with the market predicting three potential rate cuts instead of four after a robust jobs report.

- *Earnings Growth*: Although earnings growth surprised positively, guidance for the second quarter has weakened due to uncertainty surrounding consumer spending and tariffs.