By Amey Stone

The stock market's performance since President Donald Trump announced global tariffs last Wednesday has been unnerving, and uncertainty and market volatility are likely to continue, writes our contributing columnist, financial advisor Jonathan Shenkman. He urges investors to focus on the things that they can control. Rebalancing portfolios, selling losers, and buying on dips are all useful tactics during big selloffs.

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Safe spots for stashing cash. Stocks may be getting pummeled, but many cash-like investments continue to earn a respectable return. The average money-market fund boasts a 4.14% annualized seven-day yield, and firms like Vanguard and Schwab have money funds that offer more. Savings accounts vary from next to nothing to one that yields 4.54%. Other choices for holding cash include certificates of deposit, Treasury bonds, ultrashort bond funds, and multiyear guaranteed annuities.

Analyst shifts brokerage picks. Morgan Stanley analyst Michael Cyprys upgraded shares of Charles Schwab to Overweight and downgraded Robinhood Markets' stock to Equal Weight in a sign of how tariff-related market turmoil is changing expectations for brokerage and wealth management companies. Current volatility and uncertainty may spur retail investors to disengage from markets for a prolonged period, he writes.

Advisors explain market spike. Stocks soared Wednesday as President Donald Trump paused some of his tariffs. The historic stock rally provided advisors an opportunity to point out to clients why bailing out of the market after selloffs isn't a smart strategy. In our latest Barron's Advisor Big Q, we asked advisors to share what they are telling clients. They told us they are reminding clients of the importance of sound financial planning and avoiding rash decisions.

Money fund assets slip? Even as investors fled stocks, assets in money-market funds fell slightly over the past week. The likely reason is investors using cash held in money funds to pay taxes. Total money-market fund assets decreased by $25 billion from the previous week but remain near a record high, according to the Investment Company Institute.

Vanguard's economic outlook sours. Vanguard is cutting its forecast for U.S. economic growth and raising its expectations for inflation to account for the potential impact of President Donald Trump's tariffs. Current trends could mean the economy is headed for stagflation, says Joe Davis, Vanguard's chief economist. "We are dancing with recession," he writes.

Write to Amey Stone at amey.stone@barrons.com

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April 11, 2025 15:20 ET (19:20 GMT)

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