A look back
- The S&P 500 hit an all-time high and the Dow Jones crossed 50,000 on Thursday before Friday’s session pared some of those gains on inflation concerns. International developed markets fell 1.6%, while emerging markets dropped 2.5%.
- U.S. Treasury yields spiked last week on further inflation concerns. The 2-year U.S. Treasury yield rose to 4.07%, while the 10-year ended at 4.59%.
- West Texas Intermediate (WTI) crude oil futures prices were fairly muted, edging higher to $105. The Consumer Price Index (CPI) jumped 0.6% in April and 3.8% from a year ago, driven by higher energy and transportation prices. The Producer Price Index (PPI) jumped 6.0% year over year due to energy prices as well – the most since 2022.
A look ahead
- With more than 90% of S&P 500 companies having already reported, Nvidia’s earnings on Wednesday will be a pivotal capstone. It will be a key report for investors as they look for more insight surrounding the AI sentiment that has been driving the stock market higher in recent years.
- Middle East peace negotiations appear to have stalled. President Trump met with President Xi in China, but no meaningful developments emerged regarding the Strait of Hormuz.
- Economic releases: Initial jobless claims, Building permits, and consumer sentiment. Minutes from the Fed’s May meeting will be released Wednesday.
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