Market volatility remained elevated in April and returns varied widely between and within market sectors. Notable in the year-to-date was the absolute 14.7% return gap between U.S. stocks and foreign stocks, with the advantage going to foreign. Among U.S. stocks, an equally notable return spread occurred in April between the best sector, technology (+1.6%) and energy (-13.6%). Extremes were found amidst commodities in both April and the year-to-date with sizable gains for precious metals and substantial losses for energy. In comparison, fixed-income market returns were modest and volatility was relatively benign.