April 23, 2025
An abbreviated week for domestic equity markets yielded a welcome respite from the volatility witnessed to begin the month of April. The S&P 500, DJIA, and Nasdaq all grinded lower on the week, with the S&P 500 shedding -1.49%, the Dow -2.66%, and the Nasdaq -2.62% in the period. In fixed income, US Treasuries gained across nearly all tenors with the yield curve steepening, while corporate investment grade and high yield credit spreads tightened. We continue to note US Dollar weakness, as the greenback can’t seem to catch a bid and continues to cede ground to competing haven currencies, particularly the Euro and the Japanese Yen. Oil is down ~10.7% YTD and structurally weak as OPEC+ floods crude market supply against waning global fuel demand, while Gold continues to trade at record highs, ending last week at $3,326/troy ounce. We continue to expect a “risk-on/risk-off” trading environment over the immediate term, as tariff headline risk and (very public) US Administration spat with the FOMC Chair are likely to drive the tape. Stay patient, stay invested, and stay diversified as summer beckons.
Index Data & Market Performance
In Focus
Economic data in the prior week was modest, with the weekly jobless claims and April Empire Manufacturing releases besting consensus estimates, while the March Industrial Production and Housing Starts releases came up shy of their respective marks. The week underway features the preliminary March Durable Goods Orders, Existing and New Home Sales, and the Leading Economic Indicators print. This week’s FOMC member speaking circuit features eight members scheduled to make prepared remarks, though only three are 2025 voting members. Seven portfolio companies on the JWM Voyager platform are set to report quarterly earnings this week, highlighted by Alphabet Inc. (Ticker: GOOGL), Phillips 66 (Ticker: PSX) and Chipotle Mexican Grill (Ticker: CMG).
The following economic data is slated for release in the week ahead:
Monday:March Leading Economic Indicators Index (Actual: -0.7%/Estimate: -0.5%)
Tuesday: Philadelphia Fed President Harker and Richmond Fed President Barkin Speak
Wednesday: April Flash S&P Services & Manufacturing PMIs; March New Home Sales; Fed Beige Book; Chicago Fed President Goolsbee, St. Louis Fed President Musalem, Fed Governor Caller Speak
Thursday: Weekly Jobless Claims; March Durable Goods Orders; March Existing Home Sales
Friday: April Final University of Michigan Sentiment/Expectations/Inflation Expectations
