Weekly Market Update:
Each week we will offer a very brief market update to help keep you informed on the latest. Want the latest delivered right to your email? Click HERE to provide your email address.
Market Updates
Week of May 5th – Global and international stocks fell by -0.25% and -0.04%, respectively. In U.S. markets, large-cap stocks dropped -0.45% while small-cap stocks rose +0.14%. Fixed income markets were also weak as U.S. and international bonds closed -0.17% and -0.10%, respectively. This week’s U.S. trade policy updates include trade deals between the U.K., as well as China. These were the first deals announced since President Donald Trump and his officials implemented a 90-day pause on reciprocal tariffs for dozens of trading partners in early April. The trade deal with China was a big step towards peace as the U.S. cut tariffs on Chinese imports from 145% to 30%, and China did so on U.S. imports from 125% down to 10%. In other news, April’s ISM Services number beat economists’ estimates and jumped to 51.6%, showing growth in the U.S. economy. The Federal Reserve kept interest rates unchanged and echoed that higher tariffs have created more uncertainty for its outlook on the U.S. economy. The Fed’s Chair, Jerome Powell, warned of risks of higher unemployment and inflation if elevated tariffs continue.
For the week ahead, investors can anticipate April inflation prints from the CPI and PPI on Tuesday and Thursday, respectively. April’s U.S. retail sales data is scheduled for Thursday, along with various earnings reports throughout the week. Cisco Systems, Walmart, Deere, and Applied Materials are a few notable companies reporting earnings.
Week of April 28th – Global and international stocks closed +2.82% and +2.65% higher, respectively. Specifically in the U.S., large-cap stocks were +2.94% higher, and small-cap stocks rose +3.24%. Fixed income saw mixed returns as U.S. bonds fell -0.30% and international bonds squeaked out a +0.05% return. The S&P 500 Index has officially gained all its ground back since President Donald Trump announced reciprocal tariffs on April 2nd. At its lows, the index was down as much as 12% following the announcement. Some of this bounce back can be attributed to April’s positive U.S. jobs report. More jobs were added than expected, and the unemployment rate was unchanged at 4.2%. However, despite some positive economic data, Q1 U.S. GDP contracted for the first time in three years. This negative print was largely due to a surge of imports into the U.S. as suppliers try to front-load Trump’s tariffs. In other news this week, Berkshire Hathaway’s board appointed Greg Abel to replace Warren Buffet as the company’s CEO.
Looking at the week ahead, investors can anticipate an interest rate decision from the Federal Reserve on Wednesday, and April’s ISM Services reading is scheduled for Monday. For earnings, Uber Technologies, Walt Disney, Shopify, ConocoPhillips, and Advanced Micro Devices are some notable companies on deck to report quarterly earnings.
Week of April 21st – Global and international stocks climbed +4.26% and +3.50%, respectively. In U.S. markets, large-cap stocks rose +4.60% and small-cap stocks were up +4.10%. Fixed income also saw positive returns, as U.S. and international bonds closed +0.69% and +0.17% higher, respectively. In April’s final reading for consumer sentiment, the index marked its fourth straight monthly decline. Consumers’ expectations for inflation in the year ahead also increased to +6.5%, according to the University of Michigan’s Surveys of Consumers. U.S. consumers are concerned about current trade policies and the potential for inflation to resurge with tariffs. Related to this report, manufacturers in China are starting to see the impact of U.S. tariffs on Chinese imports as well. Some Chinese factories are attempting to find new markets to sell their goods or even pausing production, CNBC’s Evelyn Cheng writes. President Donald Trump and Chinese officials have softened their tones recently on the topic, but many unknowns remain.
Investors have a lot to watch in the week ahead. This will be one of the busiest earnings weeks of the quarter as hundreds of large, U.S. companies will post their quarterly results. Meta, Microsoft, McDonald’s, Apple, Amazon, Airbnb, Exxon Mobil, and Berkshire Hathaway are a few notable companies scheduled. Key economic data will include Q1 GDP, March’s personal consumption and expenditures report, and April’s U.S. jobs report.
Week of April 14th – Global stocks fell -0.07%, and international stocks were +2.30% higher. Specifically in the U.S., large-cap stocks declined -1.49%, while small-cap stocks rose +1.11%. U.S. and international bonds closed +0.91% and +0.59% higher, respectively. No one likes uncertainty, including markets, so many large U.S. stocks have fallen recently with the three major U.S. indices now negative in three of the last four weeks. However, the underlying U.S. economy has been stable amid the concerns on tariffs and global trade policy. U.S. retail sales rose sharply +1.4% in March, as consumers were likely “front-running” U.S. tariffs in anticipation of higher future prices. This was boosted by strong auto sales, which jumped +5.7% in March. Also, jobless claims remain historically low and fell to a two-month low.
Looking ahead, April’s final consumer sentiment reading will come out on Friday providing another glimpse at the state of the consumer. New and existing home sales for March will also be released on Wednesday and Thursday, respectively. Some notable first-quarter earnings reports scheduled for this week include Tesla, Boeing, Chipotle Mexican Grill, Southwest Airlines, American Airlines, and Alphabet (Google).
Week of April 7th – Global and international stocks rallied +5.03% and +3.83% higher, respectively. In the U.S., large-cap stocks rose +5.73% while small-cap stocks were +1.83% higher. Fixed income markets suffered as U.S. and international bonds closed -2.54% and -0.51% lower, respectively. Markets saw one of the most volatile weeks on record as President Donald Trump announced changes to the United States tariff policy. Midday Wednesday, Trump announced via social media that the reciprocal tariffs – announced a week prior – would drop to 10% for ninety days to allow countries to negotiate. However, the ninety-day pause does not apply to China, where the president has established a 145% tariff rate on its imports. Then on Friday evening, Trump exempted smartphones, computers, and other technology components from tariffs. The products under this new exemption will only be subject to the 20% baseline tariff for Chinese imports. Apart from tariffs, U.S. prices fell in March for consumers and producers. CPI and PPI now sit at 2.4% and 2.7% over the past year, respectively.
Looking at the week ahead, March’s U.S. retail sales data is scheduled for Wednesday, various companies will report quarterly earnings, and markets will be closed on Friday for Good Friday. Some notable companies reporting earnings this week include Goldman Sachs, Citigroup, Bank of America, Johnson & Johnson, U.S. Bancorp, UnitedHealth Group, and Netflix.
Week of March 31st – Global and international stocks were down -8.69% and -7.93%, respectively. For the U.S., large-cap stocks fell -9.05% and small-cap stocks fell -9.64%. However, broad U.S. and international bond indices each rose +1.12%. Stock markets plummeted following U.S. President Donald Trump’s global tariff announcement on Wednesday. The S&P 500 was down more than -10% in total over the last two days of the week. Friday’s -5.96% decline marked the index’s worst daily return since March 2020. The U.S.’s new tariff policy implements a 10% baseline tariff on all countries effective April 5th and additional tariffs on specific countries starting April 9th. China, the European Union, and Vietnam are a few targeted trading partners that will see tariffs greater than 20%. China has since retaliated and announced a 34% tariff on U.S. goods effective April 10th. Along with the stock market, the price of oil fell below $60/barrel to its lowest level since 2021. For other economic news, the March U.S. jobs report was mixed: as more jobs were added than anticipated, but the unemployment rate slightly ticked up to 4.2%. There was a lot of news for investors to watch this week and much to monitor going forward.
The week ahead may not have as many scheduled events, but investors will be monitoring the global trade landscape for any news. Additionally, March inflation data for the CPI (Consumer Price Index) and PPI (Producer Price Index) are scheduled for Thursday and Friday, respectively. Earnings season will also pick up with JP Morgan Chase, Wells Fargo, BlackRock, and Delta Air Lines on track to report their financials this week.
Week of March 24th – Global stocks were -1.54% lower, and international stocks dropped -1.46%. Specifically for the U.S., large and small-cap stocks fell -1.52% and -1.62%, respectively. Fixed income markets saw mixed returns as U.S. bonds were -0.04% lower, while international bonds closed +0.20% higher. Stock investors don’t like uncertainty, so global trade and tariff concerns brought weaker equity returns this week. However, bonds provided more stability. Regarding economic data, the core PCE index showed that prices increased +0.4% in February, which increased its annualized reading to +2.8%. Inflation expectations also rose as economists predict that tariffs could initially increase the prices of goods. Related to inflation, consumer sentiment declined to a 32-month low as Americans have become more concerned with their financial stability.
For the week ahead, March’s U.S. jobs report will be highly watched on Friday. President Donald Trump has announced Wednesday as the “Liberation Day” when reciprocal tariffs may begin for many countries. ISM manufacturing and services numbers are scheduled for Tuesday and Thursday, respectively, and will shed some light on U.S. economic growth.
Week of March 17th – Global and international stocks saw +0.48% and +0.28% returns, respectively. In the U.S., large-cap stocks were +0.53% higher, while small-cap stocks led the way, up +0.65%. For fixed income markets, U.S. and international bonds closed +0.49% and +0.35% higher, respectively. Broad stock and bond indices squeaked out positive weekly returns after a more difficult start to March for U.S. equities. Investors have been sensitive to changes in global trade policy, but there was limited news on the subject this week. President Donald Trump has hinted at an April 2nd start date for reciprocal tariffs, and Trump and his officials say they are currently analyzing tariff rates for all countries. In economic news, U.S. retail sales trended higher in February, but the increase was below estimates. This was largely due to weaker auto and gas sales. The Federal Reserve (“Fed”) left interest rates unchanged in its decision on Wednesday but is sticking with its forecast for two rate cuts in 2025. However, comments from the “Fed Chair” Jerome Powell indicated that the Committee is in no hurry to cut rates. The Fed also released its quarterly economic projections, which pointed to slightly lower U.S. growth and higher inflation this year.
Looking ahead, investors await readings on consumer sentiment on Tuesday and initial jobless claims on Thursday. February’s Personal Consumption and Expenditures Report will be released on Friday, including the Fed’s preferred inflation index. Quarterly earnings from Cintas, Paychex, and Lululemon Athletica are also expected this week.
Week of March 10th – It was a more difficult week for markets as global and international stocks declined -1.72% and -0.70%, respectively. In the U.S., large-cap stocks fell -2.23% while small-cap stocks dropped -1.45%. For fixed income markets, U.S. and international bonds closed -0.06% and -0.15% lower, respectively. Markets have been driven lower mainly due to investors’ uncertainty regarding global trade policy, especially tariffs. This week, President Donald Trump enacted 25% tariffs on steel and aluminum imports. Canada also imposed 25% tariffs on $20+ billion of U.S. products in retaliation for U.S. tariffs on Canadian goods. The European Union has threatened counter-tariffs on the U.S. as well. Amid the uncertainty, U.S. and global economic growth estimates have moved lower to now a +2.2% projection for U.S. growth in 2025. Although growth estimates are declining, they remain positive and are not predicting a prolonged economic downturn. Despite this economic weakness, February U.S. inflation was below estimates for the consumer and producer price indices. In the last twelve months, CPI has increased only +2.8% and moved closer to the Federal Reserve’s +2% annual target.
Looking at the week ahead, February U.S. retail sales will be released on Monday, the Federal Reserve will provide its March interest rate decision on Wednesday, and various February housing data will come out throughout the week.
Week of March 3, 2025 – Global stocks were -1.14% lower, while international stocks rose +2.81%. In U.S. markets, large and small-cap stocks closed -3.06% and -4.01% lower, respectively. Fixed income also suffered as U.S. bonds were -0.58% lower, and international bonds fell -1.30%. It was a difficult week for markets as investors digested the recent global trade uncertainty and the impact tariffs would have on inflation and economic growth. China, Mexico, and Canada have been the main countries targeted for tariffs by the U.S. administration so far. Economic data was mixed for the week as February’s ISM manufacturing reported below expectations, and ISM services’ results were above economists’ estimates. Services is the larger side of the U.S. economy and businesses still showed growth amidst future uncertainty. Also, February data for the U.S. labor market showed stability. 151,000 jobs were added throughout the month, and the unemployment rate only ticked up +0.1% from January.
Focusing on the week ahead, investors will continue to digest the changes to U.S. trade policy as well as inflation data. February’s inflation readings from the CPI (Consumer Price Index) and PPI (Producer Price Index) are scheduled to be released on Wednesday and Thursday, respectively.
Week of February 24, 2025 – Global and international stocks fell for the second week down -1.01% and -0.95%, respectively. In the U.S., large-cap stocks closed -0.95% lower, and small-cap stocks declined -1.44%. However, fixed income markets provided stability and were positive as bond yields fell. U.S. and international bonds were up +1.26% and +0.45%, respectively. The core PCE index (the Federal Reserve’s preferred inflation measure) rose +0.3% in January, in line with economists’ estimates. The index has risen only +2.6% in the past twelve months, down from last month’s +2.9% reading. In other news, investors have continued to monitor the impact tariffs may have on their investment portfolio and the U.S. economy. President Donald Trump announced Thursday that the tariffs scheduled to be implemented on March 4th will continue as planned, which includes an additional 10% levy on Chinese goods. On Friday, China stated they would counter any tariffs imposed by the U.S.
Looking at the week ahead, there is other news to anticipate as well. ISM manufacturing, ISM services, and the U.S. jobs report will all release February’s numbers which will provide insight on the current state of the U.S. economy and labor market. For earnings, Best Buy, CrowdStrike, Macy’s, Costco, and Broadcom are some notable companies scheduled to report their quarterly results.
Week of February 17, 2025 – Global and international stocks fell -1.23% and -0.10%, respectively. In U.S. markets, large-cap stocks declined -1.63% and small-cap stocks were -3.69% lower. For fixed income, U.S. bonds led the way up +0.35%, while international bonds closed -0.25% lower. U.S. stocks broadly fell throughout Thursday and Friday as consumer discretionary and communication services stocks led the decline. Walmart (WMT) hit headlines as it reported an earnings outlook below estimates amid the recent consumer and geopolitical uncertainty. Also, cruise line stocks were negatively hit as U.S. Commerce Secretary Howard Lutnick suggested the new Trump administration will investigate and put pressure on cruise line companies to pay more taxes. The housing data released during the week showed fewer existing home sales and lower housing starts in January than expected. This weakness may be due to higher mortgage rates and home prices impacting home buyers.
Looking ahead at economic data, January’s Personal Consumption and Expenditures report is scheduled to be released on Friday. This report contains the PCE index, which is the Federal Reserve’s preferred inflation index. Earnings will also headline the week with quarterly reports expected from Home Depot, TJX, Nvidia, and Salesforce.
Week of February 10, 2025 – Global stocks climbed +1.82%, and international stocks rose +2.45%. For the U.S., large-cap and small-cap stocks saw +1.52% and +0.05% returns, respectively. In fixed income markets, U.S. bonds rose +0.19%, while international bonds closed -0.16% lower. The Consumer Price Index and Producer Price Index posted January inflation values above expectations. These results will likely keep interest rates higher for longer, not giving the Federal Reserve (“Fed”) evidence of inflation moving toward their 2% annualized target. Bond investors now predict the next interest rate cut to come in the second half of 2025. Also, one of the backbones of the U.S. economy – the consumer – was weaker in January as U.S. retail sales declined amidst less holiday shopping and auto dealers reporting significantly fewer sales. Investors, economists, and the Fed have a lot to digest lately with the Trump administration’s new economic policies and how this may affect inflation, consumer spending, and economic growth.
Looking at the week ahead, markets will be closed for President’s Day on Monday, but there is plenty of other action to anticipate. The home builder confidence index will report on Tuesday and January housing starts and building permits will be released on Wednesday giving investors a glimpse at the current state of the housing market. February consumer sentiment will also be posted on Friday.
Week of February 3, 2025 – Global and international stocks rose +0.10% and +0.77%, respectively. In U.S. markets, large-cap stocks fell -0.23% and small-cap stocks declined -0.33%. For fixed income, U.S. and international bonds closed +0.39% and +0.34% higher, respectively. ISM manufacturing and services both posted January values above 50 last week, indicating expansion in both sectors of the U.S. economy. This is positive for U.S. economic growth, but economists have mixed opinions about the impact tariffs will have on future U.S. growth. Also, the U.S. labor market showed signs of strength in the January jobs report released on Friday. The unemployment rate fell slightly, almost 150k jobs were added, and hourly wages spiked up +0.5%. Although the data shows growth, it may be a headwind for the Federal Reserve to bring inflation down to its 2% annual target.
Looking ahead, quarterly earnings will continue as Coca-Cola, CVS, Reddit, Airbnb, and Modera are a few notable companies scheduled to release their results this week. The Consumer Price Index and Producer Price Index will post their January inflation numbers on Wednesday and Thursday, respectively.
Week of January 27, 2025 – Global and international stocks fell -0.65% and -0.09%, respectively. In the U.S., large-cap stocks declined -0.99% and small-cap stocks were -0.86% lower. For fixed income markets, U.S. and international bonds closed +0.44% and +0.54% higher, respectively. U.S. stocks related to artificial intelligence fell earlier in the week as the Chinese AI startup ‘DeepSeek’ released a model that outperforms existing U.S. AI models. It was reported that DeepSeek’s model was made faster and more cost-effective than current models. Later in the week, stocks were lower in anticipation of tariffs being imposed on goods from China, Canada, and Mexico. Tariffs may bring concerns to investors about increased prices, slower economic growth, and a potential global trade war.
In other news, the Federal Reserve left interest rates unchanged on their decision on Wednesday, and Q4 U.S. GDP came out slightly below expectations. GDP still ended the year at a strong +2.8% growth rate, and economists are currently predicting solid growth for 2025.
Looking at the week ahead, over 20% of the S&P 500 is scheduled to report earnings including Pfizer, Alphabet, Walt Disney, Eli Lilly, and Amazon. For economic data, ISM manufacturing and services are scheduled to release January’s results, and the U.S. jobs report will be posted on Friday.
Week of January 20, 2025 – Global and international stocks were +2.06% and +2.68% higher, respectively. For U.S. markets, large-cap stocks climbed +1.76%, and small-cap stocks closed +1.40% higher. In fixed income, U.S. bonds rose +0.11%, while international bonds were unchanged. Stocks were mainly higher throughout the week, seemingly propelled by higher-than-expected earnings and positive sentiment for President Trump’s second term. The S&P 500 reached an intraday high on Friday, now up +3.8% for the year.
It’s a busy week ahead for investors starting with the Federal Reserve’s interest rate decision on Wednesday. The market currently projects a 97% probability of interest rates being unchanged. Company earnings will also come out throughout the week as more than half of the “Magnificent Seven” will post results. For economic data, Q1 GDP will be released on Thursday, and December’s Personal Consumption and Expenditures report will be posted on Friday.
Week of January 13, 2025 – Global and international stocks climbed +2.74% and +2.22% higher, respectively. In the U.S., large-cap stocks rose +2.93% higher, and small-cap stocks were +3.97% higher. For fixed income markets, U.S. and international bonds closed +0.99% and +0.46% higher, respectively. Stock and bond markets rebounded to their best weekly performance since November. Investors celebrated December inflation data that was below expectations. Core CPI (Consumer Price Index) and PPI (Producer Price Index) posted monthly readings of +0.2% and +0.1%, respectively. This data helped temporarily calm investors’ recent worries about an uptick in inflation and drove bond yields lower. On the other hand, bank earnings were boosted by a recent pick up in deal activity. Big bank executives anticipate more activity to continue as interest rates come down and regulation is expected to be lighter with the new U.S. administration.
Looking ahead, markets are closed on Monday for the holiday, and President Trump will be inaugurated for his second term. Notable earnings this week will come from 3M, Netflix, United Airlines, Johnson & Johnson, American Airlines, and Verizon.
Week of January 6, 2025 – Global and international stocks fell by -1.74% and -1.38%, respectively. In the U.S., large-cap stocks declined by -1.91%, while small-cap stocks closed -3.49% lower. In the fixed income markets, U.S. and international bonds decreased by -0.87% and -0.64%, respectively. Stock and bond market returns were challenged as the 10-year U.S. Treasury yield rose. Higher bond yields reduce the price of existing bonds and are typically a headwind for stocks.
The increase in yields has been driven by investor expectations of fewer interest rate cuts by the Federal Reserve than previously anticipated. Stronger economic data has led to these expectations, as some fear that inflation may increase alongside economic growth, prompting the Fed to maintain higher interest rates for longer. For instance, both the ISM Services Index and the U.S. jobs report posted results above their median forecasts this week.
In the week ahead, data from the Producer Price Index (PPI) and Consumer Price Index (CPI) will provide further insight into the current state of inflation. Additionally, Q4 earnings will start to pick up with reports from large banks such as JPMorgan Chase, Goldman Sachs, Citigroup, and Bank of America scheduled to release their reports on Wednesday and Thursday.
