U.S. equities gained steam in April, powered by positive earnings, potential progress in U.S./China trade talks, and recent dovish sentiment from the Fed. The S&P 500®, the S&P MidCap 400® and S&P SmallCap 600® all gained 4%, and the VIX® declined to 13.12.

All U.S. equity factors rose in April, with High Beta and Enhanced Value taking the lead.  Across sectors, Financials and Communication Services were the top performers, up 9% and 7%, respectively, while Health Care was the laggard.

International markets also posted gains, with the S&P Developed Ex-U.S. and the S&P Emerging BMI up 3% and 2%, respectively.