A look back
- The S&P 500 lagged global peers last week, falling 0.4% despite gains across most major equity indices worldwide. Emerging markets advanced 2.3%, while international developed markets increased 1.4%.
- U.S. Treasury yields moved higher across the curve, with the 2-year yield up 0.07% to 3.59% and the 10-year increasing to 4.22%. At the same time, investors rotated toward precious metals, with gold up more than 2% and silver surging nearly 20%.
- The latest Consumer Price Index (CPI) report showed inflation holding steady at 2.7% year over year in December, in line with expectations. Meanwhile, November retail sales climbed 0.6% to a new high, supported by autos and gasoline sales.
A look ahead
- Earnings season continues this week, with 34 S&P 500 companies set to report and a spotlight on the financials and industrials sectors. On Thursday, investors will also receive the November reading of the Federal Reserve’s preferred inflation gauge, Core Personal Consumption Expenditures (PCE).
- Investors will also be monitoring headlines from the World Economic Forum in Davos, Switzerland, where influential decision-makers gather to discuss key economic, geopolitical, and social issues.
- Economic releases: Pending Home Sales, Personal Income & Spending, 3Q25 GDP (first revision), PCE, S&P Manufacturing & Services PMIs.
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