Weekly Market Commentary
Tariff Overhang
Fear trumped greed to lead equity markets lower last week, mainly from concern over the economic impact of pending tariffs. For the week, the S&P 500 Index was -1.5%, the Dow Jones Industrials -1.0%, and the NASDAQ -2.4%. The S&P 500 Index was led by the Consumer Staples, Energy, and Real Estate sectors, while the Information Technology, Communication Services, and Industrial sectors lagged. The 10-year U.S. Treasury note yield increased to 4.259% at Friday’s close
Policy Path
The S&P 500 Index finished the week higher to break its four-week losing streak. For the week, the S&P 500 Index was +0.5%, the Dow Jones Industrials +1.2%, and the NASDAQ +0.3%. The S&P 500 Index was led by the Energy, Financial, and Health Care sectors, while the Materials, Utility, and Consumer Staples sectors lagged. The 10-year U.S. Treasury note yield decreased to 4.250% at Friday’s close versus 4.316% the previous week. The Federal Reserve
Relief Rally
The equity market saw a welcome relief rally on Friday but closed lower for the week. For the week, the S&P 500 Index was -2.2%, the Dow Jones Industrials -3.0%, and the NASDAQ -2.4%. The S&P 500 Index was led by the Energy, Utility, and Financial sectors, while the Consumer Staples, Consumer Discretionary, and Communication Services sectors lagged. The 10-year U.S. Treasury note yield increased to 4.316% at Friday’s close versus 4.315% the previous week.
Swings
Uncertainty caused by new policies such as lower government spending and tariffs to shape trade has weighed on the equity markets. For the week, the S&P 500 Index was -3.1%, the Dow Jones Industrials -2.3%, and the NASDAQ -3.2%. All sectors in the S&P 500 Index were lower for the week with the smallest declines seen in the Real Estate, Health Care, and Consumer Staples sectors, while the Financial, Energy, and Consumer Discretionary sectors had
Out Like a Lamb
Despite a strong showing on Friday, the S&P 500 Index closed lower for both the week and month. For the week, the S&P 500 Index was -1.0%, the Dow Jones Industrials +1.0%, and the NASDAQ -3.4%. The S&P 500 Index was led by the Financial, Real Estate, and Health Care sectors, while the Technology, Communication Services, and Consumer Discretionary sectors lagged. The 10-year U.S. Treasury note yield decreased to 4.197% at Friday’s close versus 4.425%
Follow the Money
The S&P 500 Index experienced both a new all-time high and its worst down day of the year last week. For the week, the S&P 500 Index was -1.6%, the Dow Jones Industrials -2.5%, and the NASDAQ -2.2%. The S&P 500 Index was led by the Utility, Health Care, and Energy sectors, while the Consumer Discretionary, Communication Services, and Industrial sectors lagged. The 10-year U.S. Treasury note yield decreased to 4.425% at Friday’s close versus