We have three strategic asset-allocation models, based on risk-tolerance levels: Conservative, Growth, and Aggressive. On a regular basis, we make tactical adjustments to the models, based on our outlooks for the various segments of the capital markets. In terms of performance through April, bonds are outperforming stocks based on expectations for a slowing economy. From an asset-allocation standpoint, our Stock/Bond Barometer model still slightly favors bonds over stocks for long-term portfolio positioning. In other words, these asset classes should be near their target weights in diversified portfolios, with a slight tilt toward bonds. We are over-weight on large-caps at this stage of the market cycle. We favor large-caps for growth exposure and financial strength, amidst the volatility. Our recommended exposure to small- and mid-caps is 10% of equity allocation, below the benchmark weighting. Global stocks have taken an early performance lead in 2025, although U.S. stocks have outperformed their global peers over the trailing one- and five-year periods. We expect this long-term trend favoring U.S. stocks to return, given volatile global economic, political, geopolitical, and currency conditions. That said, international stocks offer favorable near-term valuations, and we target an increased 10%-20% of equity exposure to the group. In terms of growth and value, growth rebounded in 2023-2024 and outperformed value as interest rates stabilized and started lower, though value is off to a good start in 2025 and looks likely to outperform in a risk-off environment. Key value sectors that may be less exposed to the global trade wars include Consumer Staples, Healthcare, Utilities, and Financial (regional banks).

Stocks were higher on Thursday, as earnings news provided a boost. The Nasdaq led the way, but all indices were in the green. That said, there were signs of profit-taking by the end of the day.

Apple manufactures smartphones, tablets, PCs, software, and peripherals for a worldwide customer base. Its products include Mac desktop and mobile PCs, iPhone, iPad, Apple Watch, and various consumer products, including AirPods, Beats headphones, and Apple TV. Apple services include App Store, iTunes, iCloud, Apple TV+, Apple Arcade, Apple Music, Apple Pay, and more.

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.