After two consecutive months of market tumult (comparatively speaking) and negative returns, the S&P 500 in April exhibited greater calm and eked out a positive return. Volatility was lower in April than in March and closer to its five-year avergae across each of the major segments of the global equity market. Unlike 2017, markets in post-January 2018 have been much less decisive. The U.S. dollar broke upward out of its three-month range, creating a headwind and potentially higher volatility for non-U.S. equities. Correlations between major equity market segments were little changed in April.