Financial markets ended a rocky month broadly higher, with most asset classes including stocks, precious metals, and bonds posting gains. Technology was the only S&P 500 sector to end negative amid China’s development of a potentially lower cost AI model, DeepSeek. Bullish sentiment was also capped by no reduction in interest rates and an overhang of imminent trade tariffs. During the final trading day of the month, the Trump administration announced it would impose tariffs on imports arriving from Mexico, Canada and China.