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A volatile first quarter ended on a strong note for stocks. The Nasdaq posted its strongest quarter since the second quarter of 2020, up more than 20%. The S&P 500 gained 8%, while the Dow returned just about 1%.

Technology and Communication Services were the best-performing sectors, followed by Consumer Discretionary. Financials and Energy were the biggest losers.

Tech stocks have been in favor this year as investors believe that the Fed could stop raising rates soon. These stocks also benefited from their safe-haven status amid banking turmoil.

Apple (AAPL - Free Report) gained 30%, while NVIDIA (NVDA - Free Report) and Tesla (TSLA - Free Report) surged more than 90% and 80% respectively.

Bitcoin soared more than 70% sending the Valkyrie Bitcoin Miners ETF (WGMI - Free Report) over 100% during the quarter. Strong interest in AI-related stocks benefitted semiconductor, metaverse and Robotics ETFs.

The Noble Absolute Return ETF (NOPE - Free Report) plunged about 62% as the hedge fund like ETF made some ill-timed bets.

Regional banks, natural gas, nickel, and cannabis-related ETFs were also among the worst-performing areas.

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