S&P 500: The Winners and Losers of April 2025
After a strong start to the year—rising 2.7% in January—the S&P 500 turned negative over the following months. February saw a modest decline of 1.4%, followed by a steeper drop of 5.75% in March. April was an extremely volatile month, marked by sharp swings driven in part by new tariff policies introduced by the current administration. The index hit a low of 4,835 on April 7 but gradually recovered, ending the month with a modest loss of 0.76% at 5,568.
Of the 500 index constituents, 335 finished April in the red, while the remaining stocks managed to post gains.
In this article, we break down the top-performing and worst-performing S&P 500 stocks in April 2025 and explore the key news and developments that influenced their movements.
Top S&P 500 Performers in April
Among the top performers were Palantir Technologies ($PLTR), CrowdStrike Holdings ($CRWD), and GE Vernova ($GEV). Here’s a closer look at what drove each stock’s strong April rally.
Palantir Technologies ($PLTR) +40.33%
Palantir Technologies, a provider of advanced data analytics and defense software, surged over 40% in April, making it the top-performing S&P 500 stock for the month. The rally was driven by increased government and military spending, as the Trump administration renewed its focus on national security.
Investors responded positively to news that Palantir would participate in building elements of a new missile defense program, dubbed the “Golden Dome,” in collaboration with SpaceX and Anduril. This came alongside bullish forward guidance, which included stronger-than-expected 2025 revenue projections and sustained profitability—highlighting continued growth in Palantir’s government contracts pipeline.
CrowdStrike Holdings ($CRWD) +21.64%
CrowdStrike, a cybersecurity company known for its AI-driven threat detection platform Falcon, gained over 21% in April as a series of strategic developments boosted investor confidence.
On April 24, the company announced a partnership with Wipro Limited to integrate its Falcon Next-Gen SIEM into Wipro’s CyberShield platform. The collaboration aims to streamline enterprise security operations by embedding CrowdStrike’s first-party data into Wipro’s managed services, enabling faster, AI-powered threat detection and response. Analysts viewed this move as a competitive edge over legacy security providers, reinforcing CrowdStrike’s platform-centric growth strategy.
The momentum continued on April 29 with the launch of new cloud security features targeting risks in AI models and runtime environments. These additions further strengthen the Falcon platform and highlight CrowdStrike’s focus on staying ahead of emerging threats. The timing of the announcement, aligned with the stock’s upward trajectory, fueled optimism about CrowdStrike’s expanding role in the fast-growing cloud security market.
GE Vernova ($GEV) +21.47%
GE Vernova—General Electric’s energy business spin-off—rose over 21% in April following strong first-quarter results and upbeat guidance. The company reported Q1 2025 revenue of $8.03 billion, easily beating analyst expectations of around $7.54 billion.
Core profits surged across key segments: the electrification unit’s profit more than tripled to $214 million, while the power segment’s profit rose to $508 million from $345 million a year earlier, driven by strong gas turbine orders.
GE Vernova also reaffirmed its full-year revenue outlook of $36–$37 billion, despite factoring in $300–$400 million in potential tariff-related costs. This confidence amid trade-policy headwinds reassured investors that demand for energy infrastructure remains resilient.
The stock jumped roughly 9% on earnings day and continued climbing as Wall Street reacted to signs of growing backlogs—orders were up 8% to $10.2 billion—and broader momentum in the global electrification trend.
Worst S&P 500 Performers in April
Among the worst performers were Enphase Energy ($ENPH), APA Corp ($APA), and Global Payments ($GPN). These stocks suffered steep declines due to earnings misses, macroeconomic pressures, and investor concerns about execution risk.
Enphase Energy ($ENPH) –28.01%
Enphase Energy, a U.S.-based manufacturer of solar microinverters and energy storage systems for residential and commercial use, saw its stock tumble 28% in April after a disappointing earnings report and weak outlook underscored persistent headwinds in the solar sector.
For Q1 2025, Enphase missed consensus estimates, posting adjusted earnings of $0.68 per share versus $0.70 expected, and revenue of $356.1 million versus $360.9 million expected. But the bigger concern was its Q2 guidance: projected revenue of $340–$380 million fell short of Wall Street’s midpoint estimate of ~$376 million.
The soft forecast highlighted falling demand in key regions. In the U.S., updated net-metering rules in California have reduced credits for excess solar power, curbing rooftop solar installations. Higher interest rates have also extended payback periods, dampening consumer interest. In Europe, sluggish demand persisted due to lingering installer inventory built up in 2024, following a 71% plunge in shipment volumes.
With unit sales under pressure and Q1 gross margin falling roughly 4 percentage points sequentially, the outlook shook investor confidence. Shares fell more than 12% after earnings and continued to slide, ending April down 28%.
APA Corporation ($APA) –26.02%
APA Corporation, a U.S.-based oil and gas exploration and production company with operations in the Permian Basin and international assets in Egypt and the North Sea, was one of April’s worst S&P 500 performers, with its stock plunging 26%.
The selloff followed a sharp collapse in crude oil prices during the month, as global benchmarks Brent and WTI each fell around 15–16%—the steepest monthly decline since late 2021. The downturn was triggered by escalating trade tensions between the U.S. and China. President Trump’s April 2 announcement of sweeping tariffs on all Chinese imports—and China’s retaliatory measures—sparked recession fears and slashed demand expectations for oil.
The combination of slowing global growth prospects and uncertainty over future OPEC policy weighed heavily on energy markets. As a company highly sensitive to oil prices, APA’s shares dropped in tandem with the commodity. By late April, Brent crude had slipped into the low $60s per barrel—levels that threaten profitability for many upstream operators.
Adding to the pressure, natural gas prices remained subdued, prompting APA to scale back some of its production, further contributing to investor concerns.
Global Payments ($GPN) –22.13%
Global Payments, a U.S.-based provider of payment technology and software solutions serving merchants, issuers, and consumers, saw its stock drop 22% in April following a major acquisition announcement that rattled investors.
In mid-April, the company revealed a transformative $24.25 billion cash-and-stock deal to acquire Worldpay—a large merchant payment processing business—from FIS and private equity firm GTCR. Simultaneously, Global Payments agreed to divest its Issuer Solutions unit (which provides card issuing services) to FIS for $13.5 billion.
The complex transaction is designed to reposition Global Payments as a focused merchant acquirer and, in the words of CEO Cameron Bready, “create a merchant solutions powerhouse.” However, the market response was skeptical. While FIS shares jumped ~9% on relief over shedding Worldpay, Global Payments’ stock plunged more than 17% on the day of the announcement.
Investors were concerned about the steep acquisition price—especially since FIS had acquired Worldpay in 2019 for $35 billion and is now selling it for significantly less—and the risks tied to execution and integration. Given Global Payments’ recent underperformance, analysts questioned whether the company can deliver on its promised scale and synergies. Despite stable underlying business trends, the uncertainty surrounding the deal kept GPN shares deep in negative territory for the month.
This article is for informational purposes only and is not investment advice or a solicitation to buy or sell securities. The content is based on publicly available information and reflects the author’s opinions as of the publication date, which may change without notice. All investments carry inherent risks, including the potential loss of principal, and past performance is not indicative of future results. Readers should conduct their own research or consult a financial advisor before making investment decisions. BBAE holds no position in the securities mentioned, nor are they compensated by the companies mentioned.
