Hi everyone,
First off, thank you for your patience—and my apologies for the month-long hiatus in updates. I was away on holiday and also focused on sending internal newsletters to clients, but I’m excited to get back to sharing these weekly market recaps with you.
It was a strong week across the board for markets. Investors were encouraged by positive signals from the White House on trade, upbeat corporate earnings from the first quarter, and a surprisingly strong April jobs report.
Here’s how the major indices performed:
S&P 500: +2.92%
Nasdaq: +3.42%
Dow Jones: +3.00%
MSCI EAFE Index (international developed markets): +2.56%
S&P/TSX Composite Index (Canada): +2.28%
The rally began early in the week, with optimism around U.S.-China trade developments lifting stocks. Midweek, there was a brief stumble after new data showed the U.S. economy contracted by 0.3% in Q1—the first GDP decline in three years. Despite the initial dip, markets rebounded quickly.
Strong earnings reports from a couple of major tech companies gave the rally another boost, especially for the Nasdaq, which returned to levels not seen since early April. The week ended on a high note after a better-than-expected jobs report helped ease some concerns about the broader economy.
Notably, the S&P 500 and Dow Jones both extended their winning streaks to nine consecutive sessions, marking the longest streak in 20 years. That kind of momentum hasn’t been seen in a long time, and it was encouraging to see investor confidence return in such a strong way.
Thanks again for bearing with me during the break—I’m looking forward to keeping these updates consistent going forward!
Source: YCharts.com, May 3, 2025. Weekly performance is measured from Tuesday, April 29, to Friday, May 2. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.
A Solid Jobs Report (and Some Relief)
April’s jobs report came in stronger than expected, with 177,000 new jobs added—about 34,000 more than economists were predicting. That was a welcome bit of good news and helped quiet some of the recent recession talk that had been floating around.
It was especially encouraging to see job growth continue, even after a softer GDP number in Q1. That tells us the labor market is still holding up pretty well.
One thing to note: because the report was stronger than expected, some market watchers are now thinking the Federal Reserve might wait until July to make any moves on interest rates, instead of acting sooner.
This Week: Key Economic Data
Monday: ISM Services Index. PMI Composite (final).
Tuesday: Trade Deficit. FOMC meeting – Day 1.
Wednesday: FOMC meeting – Day 2. Fed Decision / Fed Chair Powell Press Conference. Consumer Credit.
Thursday: Jobless Claims. Productivity & Costs. Wholesale Inventories. Fed Balance Sheet.
Friday: Fed Officials speak: Austan Goolsbee (Chicago Fed President), John Williams (New York Fed President) and Beth Hammack (Cleveland Fed President).
Source: Investors Business Daily - Econoday economic calendar; May 2, 2025
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Monday: Palantir Technologies Inc. (PLTR), Vertex Pharmaceuticals Incorporated (VRTX)
Tuesday: Advanced Micro Devices, Inc. (AMD), Arista Networks, Inc. (ANET), Duke Energy Corporation (DUK)
Wednesday: Uber Technologies, Inc. (UBER), The Walt Disney Company (DIS), AppLovin Corporation (APP)
Thursday: Shopify Inc. (SHOP), ConocoPhillips (COP), McKesson Corporation (MCK)
Source: Zacks, May 2, 2025. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
"Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down."
– Oprah Winfrey
A word appears, and six letters it contains. Subtract only one, then twelve remains. What is this word?
Last week's riddle: I twist, I turn, but I don’t have curves. You can twist me to fix me, but you may throw me into disarray in the process. Hours later, you may cast me away. What am I?
Answer: Rubik's cube!
Joanne's son, Matthew, and our 1 year old Mini Dachshund, Austin!
Footnotes and Sources
1. The Wall Street Journal, May 2, 2025
2. Investing.com, May 2, 2025
3. CNBC.com, April 29, 2025
4. The Wall Street Journal, April 30, 2025
5. CNBC.com, May 1, 2025
6. CNBC.com, May 2, 2025
7. MarketWatch.com, May 2, 2025
8. CNBC.com, May 2, 2025
9. IRS.gov, November 18, 2024
10. Love and Lemons, December 12, 2024
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.
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