Economic Data and Market Highlights
Tariffs continued to dominate the headlines, which played a role in significant gyrations in the markets during the week, with the S&P 500 falling 2.35% for the week while the Dow Jones Industrial Average rose 4.97%. Markets sank during the week as additional tariffs were placed on China. Bond markets were under significant pressure, which likely pushed the US government to extend a 90-day pause that was given on reciprocal tariffs for all other countries on Tuesday, sending equity markets higher. The ten-year Treasury had its biggest yield increase since November of 2001, rising 50 bps to 4.492%. After the close on Friday, reciprocal tariffs were lifted on tariffs affecting computers, phones, semis, and semi-manufacturing equipment, but these tariffs may be implemented again shortly as part of a trade investigation. US stocks as represented by the Russell 3000 have fallen 9.17% on a year-to-date basis.
Tariffs are taking a toll on global business optimism which in March registered at its lowest since 2022.
Gold continued to advance during the week, finishing up 6.89%, rising almost 10% off its low on Monday.
According to Redfin, supply of new listings are up over 10% year-over-year, but close attention should be paid to whether these listings turn into sales as they also published results of a poll citing 20% of respondents would sell stock for a down payment.
The Past Week’s Notable US data points (with revisions)
The Upcoming Week’s notable US data points
Source: Morningstar
Data Source: Financial News London, Financial Times, Morningstar, MarketWatch, Standard & Poor’s, and the Wall Street Journal.
Authors:
Jon Chesshire, Managing Director
Michael McNamara, Analyst