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.
