The first quarter has been a rocky one for Wall Street, with steep declines for electric vehicle giant Tesla and semiconductor play Broadcom – as well as standout performances from the likes of CVS Health and Philip Morris International. This quarter was plagued by mounting tariff fears from the new administration, which should all come to a head on Wednesday, April 2 — a date President Donald Trump has dubbed "Liberation Day." Investors are holding out hope that on Wednesday, they'll receive some clarity and relief from the high volatility wracking equities in recent weeks. The S & P 500 , Dow Jones Industrial Average , and Nasdaq Composite are all on pace to end the quarter with losses. The S & P 500 is off more than 5%, while the Nasdaq is down 11%, and both are tracking for their worst quarterly performance since 2022. The Dow is on pace for a 2% loss in the period. Here are the 10 biggest outperformers in the S & P 500 for the first quarter. Coming in at first place was pharmacy retailer CVS Health , which has rallied more than 50% this quarter. On Feb. 12, shares popped 15% in a single day after CVS posted a big beat on its fourth-quarter earnings and revenue. All signs point to the once-struggling retail chain beginning to right the ship, especially after CEO David Joyner took the helm last October. Following its earnings blowout, analysts at both Cantor Fitzgerald and Leerink Partners upgraded the stock. "The pieces are in place for [CVS to return] from what has been a bottoming of operations performance," wrote Leerink analyst Michael Cherny. Another winning name was Philip Morris International . Shares of the tobacco giant have surged 31% in the first quarter. Philip Morris is another stock that belongs to the consumer staples sector. Investors have increasingly flocked to the category for its defensive attributes as emerging tariff policies threaten to shake up global supply chains. Earlier this month, Argus upgraded the stock to a buy rating from hold, citing the firm's nicotine pouches — which are especially popular with younger populations — as a major catalyst. "We see revenue growth ahead driven by PM's nicotine pouches as management is now better enabled to market this smoke-free product and is committing capital expenses," the firm wrote. On the other hand, Deckers Outdoors — which owns brands such as UGG, Hoka and Teva — led the quarter's losses, with its 46% decline. Earlier this month, the stock was trading at lows not seen since 2024, reinforcing recent sentiment surveys indicating that consumers may be growing increasingly bearish on the economy. Beleaguered electric vehicle maker Tesla , down 37% this quarter, came in second place. The stock has eroded much of its post-election gains as investors have increasingly grown concerned about CEO Elon Musk's role in the new Trump administration. During a Sunday town hall event in Wisconsin, Bloomberg News reported that Musk said that his role within the newly created Department of Government Efficiency had hurt the stock . Debates have heated up between investors on whether Tesla's fundamentals have justified the stock's recent declines — or whether the market has unduly punished shares. In a recent note, Stifel analyst Stephen Gengaro reiterated his buy rating on Tesla, but cut his price target by $19 to $455. This updated forecast is still 72% above where the stock closed on Friday. "We expect share price volatility to persist in the near term, but remain optimistic on TSLA's medium- to long-term prospects and reiterate our Buy," Gengaro wrote. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today's dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You'll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
