The S&P 500 snapped a two-week trend lower as the index returned 1.5% last week, closing just shy of an all-time high. International developed markets continued higher, rising 2.7% on the week as emerging markets posted a 1.5% gain.
U.S. Treasury yields ended the week modestly lower after a volatile week. Tariff uncertainty in conjunction with inflation and employment trends have been contributors to yield volatility this year, while rate cut expectations remain steady.
Inflation data showed consumer and producer prices in January came in hotter than expected while retail sales cooled significantly.
A look ahead
Earnings season continues this week with 45 S&P 500 companies set to report Q4 results. With nearly 80% of companies having already reported, the pace will slow as investors continue to assess the potential impacts of tariffs.
The Federal Reserve’s January meeting minutes, set for release midweek, may offer investors deeper insights into policymakers’ views on current economic conditions.
Economic releases: Housing Starts, Home Sales, FOMC Minutes, Leading Indicators.
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