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Today marked six months since the US stock market made its "tariff crash", closing low on April 8th.

As shown below, the tech-heavy Nasdaq 100 has rallied 47.1% over the last six months. That's definitely on the high-end for all six-month moves in the index's history, and it's the biggest six-month pop since the initial rally back from the COVID Crash back in early 2020.

Amazingly, in the late 1990s, during the height of the Dot Com Bubble, we saw two six-month runs of nearly 100% within a year of each other in early 1999 and early 2000.
 

Of the major equity index ETFs in the US, the Nasdaq 100 (QQQ) has rallied the most over the last six months (+47%), while the S&P 500 (SPY) is up 36.4% and the Dow 30 (DIA) is up 24.8%. Small-caps (IWM) have rallied a solid 41.9%, while mid-caps (IJH) are up less at 29.5%.

Looking at the eleven major sector ETFs, Technology (XLK) is the only one that has done better than SPY since the 4/8 low with a gain of 62.2%. Consumer Staples (XLP) and Health Care (XLV) are both up less than 10%. Within the Tech sector, the semis (SMH) are up a remarkable 92.3%; the best performing ETF in our matrix over the last six months.

Outside of the US, plenty of country ETFs have gained 40%+ like China (MCHI), Hong Kong (EWH), Italy (EWI), Spain (EWP), and Israel (EIS). India (INDA) is up just 7.1%, while Argentina (ARGT) has actually fallen 1.4%.

Gold (GLD) has kept right up with equities since 4/8 with a gain of 35.3%. Silver (SLV) is up nearly twice as much with a gain of 64.2%, while the Bitcoin ETF (IBIT) is up 60.7%.

Across Treasury and fixed income ETFs, we've seen gains from 2-4.5%.
 

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