Market Pulse

Market Pulse

May 12, 2025

Market views heading into the week highlight what we're watching and important news ahead.

A look back

  • Stocks were mixed last week with the S&P 500 ending slightly lower as mid and small caps ticked up. Similarly, international developed markets edged down as emerging markets finished marginally higher. 
  • Yields rose during a week in which the Federal Reserve (Fed) met, leaving rates unchanged for a third-consecutive meeting. The 10-year U.S. Treasury closed at 4.4% and the 2-year at 3.9%
  • About 90% of S&P 500 companies have reported first quarter earnings, with the majority beating consensus expectations while lowering guidance for the second quarter and full year 2025.

A look ahead

  • A flurry of economic data releases is ahead, including readings on consumer and producer prices (CPI & PPI) for the month of April. After moving lower in March, prior to “Liberation Day,” investors will look to see whether soft sentiment readings have bled into the hard inflation data.
  • Earnings season winds down this week with just a handful of companies in the S&P 500 set to report results. Thus, earnings are likely to step out of the spotlight, making space for macro headlines.
  • Economic releases: CPI, PPI, Retail Sales, Housing Starts, Consumer Sentiment.

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