U.S. stocks retook the charge higher last week as the S&P 500 rose by over 5% while international developed markets gained just 1%. Notably, the S&P 500 was positive every day last week and has risen in 16 of the last 19 trading sessions.
Despite positive inflation data and no new auctions, U.S. Treasury yields rose last week by about 0.10% across the curve. Yields may be in for another volatile week as Moody’s downgraded U.S. Treasuries from Aaa to Aa1 on Friday.
Both Consumer and Producer price indexes came in softer than expected for the month of April, and Retail Sales also surprised to the downside.
A look ahead
The U.S. House will try to pass a spending bill before the Memorial Day weekend.
Important retail earnings will show how tariffs have and will impact companies going forward with significant exposure to suppliers from China.
After benign inflation data and the labor market still showing resilience, 16 Federal Reserve officials will speak this week to give guidance on how they are thinking about their mandates.
Economic releases: Leading Index, S&P Global PMI’s, Existing & New Home Sales
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