Tag: stock-market

The Markets (as of market close September 5, 2025)

The stock market was heavily influenced last week by new data on the labor market, which continued to show signs of cooling and bolstered expectations of a potential interest rate cut by the Federal Reserve later this month. Throughout last week, Wall Street experienced some significant swings driven by economic data. The week began with a downturn but ended on a positive note, with both the S&P 500 and the NASDAQ hitting new record highs on Friday. Shares of big tech companies were a major factor in the market’s overall movement. Otherwise, the most significant economic news was last Friday’s jobs report (see below), which further highlighted a slowdown in hiring. Ten-year Treasury yields fell sharply by last week’s end, reaching the lowest level in five months, driven by the weakening labor market and a dovish outlook for an interest rate cut.

Stock Market Indexes

Market/Index	2024 Close	Prior Week	As of 9/5	Weekly Change	YTD Change
DJIA	42,544.22	45,544.88	45,400.86	-0.32%	6.71%
NASDAQ	19,310.79	21,455.55	21,700.39	1.14%	12.37%
S&P 500	5,881.63	6,460.26	6,481.50	0.33%	10.20%
Russell 2000	2,230.16	2,366.42	2,391.05	1.04%	7.21%
Global Dow	4,863.01	5,736.50	5,746.72	0.18%	18.17%
fed. funds target rate	4.25%-4.50%	4.25%-4.50%	4.25%-4.50%	0 bps	0 bps
10-year Treasuries	4.57%	4.22%	4.08%	-14 bps	-49 bps
US Dollar-DXY	108.44	97.79	97.74	-0.05%	-9.87%
Crude Oil-CL=F	$71.76	$64.01	$61.97	-3.19%	-13.64%
Gold-GC=F	$2,638.50	$3,517.00	$3,642.70	3.57%	38.06%

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• Job growth was muted for the second straight month in August after increasing by a mere 22,000. The unemployment rate ticked up 0.1 percentage point to 4.3%. The number of unemployed rose by 148,000 to 7.4 million. The employment-population ratio was unchanged at 59.6%, while the labor force participation rate inched up 0.1 percentage point to 62.3%. The number of long-term unemployed (those jobless for 27 weeks or more) increased by 104,000 to 1.9 million. The change in total employment for June was revised down by 27,000, from +14,000 to -13,000, and the change for July was revised up by 6,000, from +73,000 to +79,000. With these revisions, employment in June and July combined is 21,000 lower than previously reported. Average hourly earnings rose by $0.10, or 0.3%, to $36.53 in August. Over the past 12 months, average hourly earnings have increased by 3.7%. In August, the average workweek was 34.2 hours for the third month in a row.
• According to the latest Job Openings and Labor Turnover Summary for July, the number of job openings fell from 7.4 million to 7.2 million. In July, the number of hires inched up marginally to 5.3 million. The number of separations, which includes quits, layoffs and discharges, and other separations, dipped slightly to 5.3 million. Within separations, both quits (3.2 million) and layoffs and discharges (1.8 million) were unchanged.
• According to S&P Global, the services sector continued to expand in August after a marginal softening in July. A notable uptick in new business helped support the increase in business activity and encouraged companies to add to their workforces. Despite the increase in activity, worries over tariffs and associated uncertainty caused a drop in confidence to its lowest level in four months.
• U.S. manufacturing operating conditions improved to the greatest degree in over three years during August amid a surge in production and solid growth in new orders. The S&P Global US Manufacturing Purchasing Managers’ Index™ (PMI®) posted 53.0 in August, up from 49.8 in July, marking the strongest improvement in operating conditions since May 2022.
• The report on international trade in goods and services, released September 4, was for July and revealed that the trade deficit expanded 32.5%. Exports rose 0.3%, while imports jumped 5.9%. Year to date, the goods and services deficit increased 30.9% from the same period in 2024. Exports increased 5.5%. Imports advanced 10.9%.
• The national average retail price for regular gasoline was $3.177 per gallon on September 1, $0.030 per gallon above the prior week’s price but $0.112 per gallon less than a year ago. Also, as of September 2, the East Coast price increased $0.025 to $3.012 per gallon; the Midwest price rose $0.011 to $3.088 per gallon; the Gulf Coast price increased $0.071 to $2.765 per gallon; the Rocky Mountain price climbed $0.025 to $3.183 per gallon; and the West Coast price rose $0.042 to $4.148 per gallon.
• For the week ended August 30, there were 237,000 new claims for unemployment insurance, an increase of 8,000 from the previous week’s level. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended August 23 was 1.3%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended August 23 was 1,940,000, a decrease of 4,000 from the previous week’s level, which was revised down by 10,000. States and territories with the highest insured unemployment rates for the week ended August 16 were New Jersey (2.8%), Rhode Island (2.6%), Puerto Rico (2.3%), Massachusetts (2.2%), Minnesota (2.1%), Washington (2.1%), California (2.0%), the District of Columbia (2.0%), Connecticut (1.9%), Oregon (1.9%), and Pennsylvania (1.9%). The largest increases in initial claims for unemployment insurance for the week ended August 23 were in New York (+1,430), Texas (+1,230), Illinois (+509), Missouri (+206), and Hawaii (+119), while the largest decreases were in Iowa (-1,235), Virginia (-857), Maryland (-562), Pennsylvania (-482), and Connecticut (-455).

Eye on the Week Ahead

Inflation data for August is available this week. Attention will focus primarily on the Consumer Price Index, which has risen incrementally but steadily over the past several months. The Producer Price Index is also out this week. Last month, producer prices rose 0.9% in July and 3.3% for the year.

The Markets (as of market close March 14, 2025)

Wall Street saw momentum ebb and flow throughout last week, with stocks ultimately closing lower for the fourth week in a row. Investors were influenced by growing uncertainty over inflation and tariffs. Despite a strong close to the week, the overall decline in equities has been notable. In less than a month, the benchmark indexes moved into correction territory at a rapid pace. Bond yields rose from 4.21% at the start of the week to 4.30% last Friday. Crude oil prices ticked higher by week’s end as geopolitical uncertainty, particularly over the Ukraine war, continued to weigh on supply and demand concerns.

The stock market sell-off ramped up last Monday as investors’ concerns intensified over tariffs and a possible recession. Megacaps, in particular, and tech shares were hit hardest. The NASDAQ fell 4.0%, marking its worst day since 2022. The S&P 500 and the Russell 2000 each lost 2.7%. The Dow declined 2.1%, while the Global Dow dropped 1.7%. Ten-year Treasury yields settled at 4.21% — the lowest rate since last December. Demand concerns dragged crude oil prices lower, falling to $65.98 per barrel. The dollar ticked up 0.1%, while gold prices fell 0.7%.

Last Tuesday saw stocks extend losses amid trade policy uncertainty. Among the benchmark indexes listed here, only the Russell 2000 was able to eke out a minimal (0.2%) gain. The Global Dow fell 1.2%, and the Dow lost 1.1%. The S&P 500 dropped 0.8%, and the NASDAQ slipped 0.2%. Yields on 10-year Treasuries rose to 4.28%. Crude oil prices climbed to $66.53 per barrel. The dollar fell 0.6%, while gold prices gained 0.9%.

Stocks rose moderately higher last Wednesday as inflation concerns eased following the release of the latest Consumer Price Index (see below). Rebounding tech shares helped drive the market overall, with the NASDAQ (1.2%) leading the benchmark indexes listed here. The S&P 500 rose 0.5%, the Global Dow added 0.3%, the Russell 2000 ticked up 0.2%, while the Dow fell 0.2%. Ten-year Treasury yields rose to 4.31%. Crude oil prices advanced for the second straight day, rising to $67.68 per barrel. The dollar index gained 0.3%, and gold prices rose 0.7%.

Wall Street couldn’t maintain the prior day’s momentum last Thursday as more tariff threats shook investor confidence. The NASDAQ gave back all of Wednesday’s gains after falling 2.0%. The Russell 2000 dropped 1.6%, the S&P 500 declined 1.4%, the Dow dipped 1.3%, and the Global Dow lost 0.7%. Ten-year Treasury yields slipped to 4.27%. Crude oil prices dropped 1.7% to $66.56 per barrel. The dollar index rose 0.3%, while gold prices jumped 1.7%.

Stocks rallied last Friday, putting an end to a tough week as concerns over a U.S. government shutdown eased. Each of the benchmark indexes listed here closed higher, led by the NASDAQ (2.6%), followed by the Russell 2000 (2.5%), the S&P 500 (2.1%), the Dow (1.7%), and the Global Dow (1.5%). Yields on 10-year Treasuries advanced, closing the session at 4.30%. Crude oil prices rose 0.9%. The dollar index slipped 0.1%. Gold prices increased 0.4%.

Stock Market Indexes

Market/Index	2024 Close	Prior Week	As of 3/14	Weekly Change	YTD Change
DJIA	42,544.22	42,801.72	41,488.19	-3.07%	-2.48%
NASDAQ	19,310.79	18,196.22	17,754.09	-2.43%	-8.06%
S&P 500	5,881.63	5,770.20	5,638.94	-2.27%	-4.13%
Russell 2000	2,230.16	2,075.48	2,044.10	-1.51%	-8.34%
Global Dow	4,863.01	5,242.21	5,156.74	-1.63%	6.04%
fed. funds target rate	4.25%-4.50%	4.25%-4.50%	4.25%-4.50%	0 bps	0 bps
10-year Treasuries	4.57%	4.31%	4.30%	-1 bps	-27 bps
US Dollar-DXY	108.44	103.83	103.70	-0.13%	-4.37%
Crude Oil-CL=F	$71.76	$67.07	$67.18	0.16%	-6.38%
Gold-GC=F	$2,638.50	$2,919.20	$2,991.20	2.47%	13.37%

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• Consumer prices growth slowed in February. According to the latest information from the Bureau of Labor Statistics, the Consumer Price Index ticked up 0.2% in February after climbing 0.5% in January. Over the last 12 months ended in February, the CPI rose 2.8% following a 3.0% increase for the year ended in January. The CPI less food and energy rose 0.2% in February, following a 0.4% increase in January. The CPI less food and energy index rose 3.1% over the last 12 months. Energy prices decreased 0.2% for the 12 months ended February. Food prices increased 2.6% over the last year. Gasoline prices declined 1.0% in February and 3.1% since February 2024.
• The Producer Price Index was unchanged in February after advancing 0.6% in January. For the 12 months ended in February, the PPI rose 3.2%. In February, a 0.3% increase in prices for goods offset a 0.2% decline in prices for services. The PPI less foods, energy, and trade services moved up 0.2% in February after rising 0.3% in January. For the 12 months ended in February, prices less foods, energy, and trade services advanced 3.3%.
• The number of job openings rose by 232,000 to 7.7 million in January, according to the latest Job Openings and Labor Turnover Summary. The number of hires in January, at 5.4 million, changed little from the prior month. The number of total separations, which include quits, layoffs, and discharges, rose by about 170,000 to 5.3 million in January. In 2024, the annual average job openings level was 7.8 million, a decrease of 1.5 million from 2023. In 2024, the annual hires level was 65.3 million, a decrease of 5.1 million from 2023. Annual total separations decreased by 4.6 million in 2024 to 63.2 million.
• The government deficit for February was $307 billion, well above the January deficit of $129 billion and slightly over the February 2024 deficit of $296 billion. Through the first five months of the fiscal year, the deficit sits at $1,147 trillion, over 38% higher than the deficit over the same period last fiscal year. So far this year, government receipts, at $1,893 trillion, are marginally above the figure from last fiscal year. Government expenditures, totaling $3,039 trillion, are over 13% higher than expenditures over the same period last year.
• The national average retail price for regular gasoline was $3.069 per gallon on March 10, $0.009 per gallon below the prior week’s price and $0.307 per gallon less than a year ago. Also, as of March 10, the East Coast price fell $0.032 to $2.945 per gallon; the Midwest price increased $0.017 to $2.899 per gallon; the Gulf Coast price rose $0.044 to $2.680 per gallon; the Rocky Mountain price decreased $0.004 to $2.960 per gallon; and the West Coast price dipped $0.042 to $4.099 per gallon.
• For the week ended March 8, there were 220,000 new claims for unemployment insurance, a decrease of 2,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended March 1 was 1.2%. The advance number of those receiving unemployment insurance benefits during the week ended March 1 was 1,870,000, a decrease of 27,000 from the previous week’s level. States and territories with the highest insured unemployment rates for the week ended February 22 were Rhode Island (3.4%), New Jersey (2.9%), Massachusetts (2.6%), Minnesota (2.6%), California (2.4%), Illinois (2.4%), Montana (2.4%), Washington (2.4%), Connecticut (2.1%), and New York (2.1%). The largest increases in initial claims for unemployment insurance for the week ended March 1 were in New York (+15,513), Texas (+1,774), Kentucky (+891), Arkansas (+603), and New Hampshire (+573), while the largest decreases were in Massachusetts (-3,885), Rhode Island (-1,984), Michigan (-1,933), Illinois (-1,051), and Iowa (-982).

Eye on the Week Ahead

The Federal Open Market Committee meets this week. While it is unlikely that the Committee will adjust the federal funds rate at this time, investors will pay particular attention to the Committee’s assessment of the economy and whether it gives any indication of the timing of future rate changes.

The Markets (as of market close March 7, 2025)

Stocks suffered through their worst week since September, with each of the benchmark indexes listed here falling more than 2.3% with the exception of the Global Dow, which gained less than 1.0%. Investors faced trade tensions, policy uncertainty, and a slightly weaker-than-expected jobs report. Each of the market sectors declined last week, with the exception of health care. Information technology dropped more than 7.4%. Last Friday, reassurance from Fed Chair Jerome Powell that the economy remained solid helped quell some of the angst among investors, which helped push bond yields higher at week’s end. Crude oil prices rallied on Friday but not enough to prevent a weekly decline of over 4.0%.

The stock market began last week on a sour note following President Trump’s affirmation that tariffs on Canada and Mexico would take effect early last week. Stocks saw a major drop in value as investors feared the new tariffs would negatively impact the economy. The S&P 500 (-1.8%) had its worst day since December. The NASDAQ fell 2.6%, and the Dow lost 1.5%. The small caps of the Russell 2000 plunged 2.8%. The Global Dow rose 0.2%. Tech and energy shares led the sell-off. The yield on 10-year Treasuries dipped 5.1 basis points to 4.18% as investors moved toward government bonds. Crude oil prices fell 2.1% to settle at $68.36 per barrel, marking the lowest price this year. The dollar index dipped 1.0%, while gold prices rose nearly 2.0%.

Stocks continued to tumble lower last Tuesday as investors reacted to escalating trade tensions. The Global Dow and the Dow each fell 1.6%, followed by the S&P 500 (-1.2%), the Russell 2000 (-1.1%), and the NASDAQ (-0.4%). Ten-year Treasury yields settled at 4.20%. Crude oil prices declined to $68.28 per barrel. The dollar index lost 1.0% against a basket of world currencies, while gold prices rose 0.9%.

Investors moved back to equities last Wednesday after President Trump announced a one-month exemption on auto tariffs for Mexico and Canada. The Global Dow reversed the prior day’s downturn, climbing 1.8%, followed by the NASDAQ, which rose 1.5%. The Dow and the S&P 500 each advanced 1.1%, while the Russell 2000 climbed 1.0%. Ten-year Treasury yields added 5.5 basis points to reach 4.26%. Crude oil prices dropped 2.7% to $66.45 per barrel. The dollar fell 1.3%, while gold prices ticked up 0.3%.

Wall Street couldn’t maintain momentum from the previous day as stocks declined. Investors appeared anxious as uncertainty over tariffs prevailed. Tech stocks led the downturn. The NASDAQ lost 2.6% on the day and more than 10.0% from its December high, plunging that index into correction territory. The S&P 500 dropped 1.8%, the Russell 2000 declined 1.6%, and the Dow fell 1.0%. The Global Dow eked out a 0.1% gain. Yields on 10-year Treasuries ticked up to 4.28%. Crude oil prices stemmed losses, settling at about $66.28 per barrel. The dollar dipped 0.1%, and gold prices fell 0.2%.

Stocks rebounded last Friday to end a volatile week of trading. The NASDAQ led the benchmark indexes listed here after climbing 0.7%. The S&P 500 rose 0.6%, the Dow gained 0.5%, the Russell 2000 added 0.4%, and the Global Dow inched up 0.2%. Ten-year Treasury yields gained 3.1 basis points to close at 4.31%. Crude oil prices advanced 1.0%, while both the dollar and gold prices fell.

Stock Market Indexes

Market/Index	2024 Close	Prior Week	As of 3/7	Weekly Change	YTD Change
DJIA	42,544.22	43,840.91	42,801.72	-2.37%	0.61%
NASDAQ	19,310.79	18,847.27	18,196.22	-3.45%	-5.77%
S&P 500	5,881.63	5,954.50	5,770.20	-3.10%	-1.89%
Russell 2000	2,230.16	2,163.06	2,075.48	-4.05%	-6.94%
Global Dow	4,863.01	5,215.57	5,242.21	0.51%	7.80%
fed. funds target rate	4.25%-4.50%	4.25%-4.50%	4.25%-4.50%	0 bps	0 bps
10-year Treasuries	4.57%	4.20%	4.31%	11 bps	-26 bps
US Dollar-DXY	108.44	107.56	103.83	-3.47%	-4.25%
Crude Oil-CL=F	$71.76	$69.95	$67.07	-4.12%	-6.54%
Gold-GC=F	$2,638.50	$2,867.30	$2,919.20	1.81%	10.64%

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• Employment rose by 151,000 in February, according to the latest report from the Bureau of Labor Statistics. February’s job gains were below the average over the past 12 months (168,000). In February, employment trended up in health care, financial activities, transportation and warehousing, and social assistance. Federal government employment declined. The change in employment for December was revised up by 16,000, while the change for January was revised down by 18,000. With these revisions, employment in December and January combined was 2,000 lower than previously reported. The unemployment rate ticked up 0.1 percentage point to 4.1% last month, while the number of unemployed rose by 203,000 to 7.1 million. The labor force participation rate and the employment-population ratio each declined 0.2 percentage point to 62.4% and 59.9%, respectively. The number of long-term unemployed (those jobless for 27 weeks or more), at 1.5 million, changed little in February. The long-term unemployed accounted for 20.9% of all unemployed people. In February, average hourly earnings rose by $0.10, or 0.3%, to $35.93. Over the past 12 months, average hourly earnings have increased by 4.0%. In February, the average workweek was unchanged at 34.1 hours.
• According to the latest S&P Global survey of purchasing managers, the manufacturing sector accelerated in February, which saw notable increases in production and new orders. It is likely that the rise in new orders was partially driven by advanced purchases ahead of anticipated price increases and supply disruptions due to tariff impositions. There was also evidence that some suppliers were already adjusting their prices upwards in direct response to potential tariffs, with input cost inflation increasing to its highest level since November 2022. Output charges also rose to a two-year high in February.
• The services sector continued to expand in February but at a slower pace than in prior months. The S&P Global US Services PMI® Business Activity Index recorded 51.0 in February, marking the tenth straight month of expansion but at the slowest rate of growth since November 2023. Survey respondents expressed concern over the impact of government trade policies and federal budget cuts. Job cuts were noted in the services sector for the first time in three months.
• The latest report on the international trade in goods and services deficit, released March 6, is for January and revealed that the trade deficit was $131.4 billion in January, up $33.3 billion, or 34.0%, from December. January exports were $269.8 billion, $3.3 billion, or 1.2%, more than December exports. January imports were $401.2 billion, $36.6 billion, or 10.0%, more than December imports. For the 12 months ended in January, the goods and services deficit increased $64.5 billion, or 96.5%, from January 2024. Exports increased $10.6 billion, or 4.1%. Imports increased $75.2 billion, or 23.1%.
• The national average retail price for regular gasoline was $3.078 per gallon on March 3, $0.047 per gallon below the prior week’s price and $0.272 per gallon less than a year ago. Also, as of March 3, the East Coast price fell $0.034 to $2.977 per gallon; the Midwest price decreased $0.056 to $2.882 per gallon; the Gulf Coast price declined $0.068 to $2.636 per gallon; the Rocky Mountain price decreased $0.055 to $2.964 per gallon; and the West Coast price dipped $0.047 to $4.141 per gallon.
• For the week ended March 1, there were 221,000 new claims for unemployment insurance, a decrease of 21,000 from the previous week’s level. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended February 22 was 1.2%. The advance number of those receiving unemployment insurance benefits during the week ended February 22 was 1,897,000, an increase of 42,000 from the previous week’s level, which was revised down by 7,000. States and territories with the highest insured unemployment rates for the week ended February 15 were New Jersey (2.9%), Rhode Island (2.9%), Minnesota (2.6%), Massachusetts (2.4%), Montana (2.4%), Washington (2.4%), California (2.3%), Illinois (2.3%), Pennsylvania (2.0%), Connecticut (1.9%), Michigan (1.9%), and New York (1.9%). The largest increases in initial claims for unemployment insurance for the week ended February 22 were in Massachusetts (+3,808), Rhode Island (+2,081), Illinois (+1,539), Wisconsin (+1,016), and Missouri (+973), while the largest decreases were in Kentucky (-3,074), California (-2,657), Tennessee (-2,550), Washington (-2,000), and Texas (-1,177).

Eye on the Week Ahead

The latest reports on inflation are available this week with the releases of the Consumer Price Index and the Producer Price Index. The CPI was 3.0% for the year ended in January, while the PPI was up 3.5% from the year before.

The Markets (as of market close February 28, 2025)

The markets experienced a volatile week, ultimately closing mostly lower. Among the indexes listed here, only the Dow managed to eke out a weekly gain. The week ended with stocks posting gains, despite a tense meeting between President Trump and Ukrainian President Zelenskyy. Investors wrestled with the uncertain economic impact of President Trump’s proposed tariffs, inflationary pressures that refuse to subside, and geopolitical turmoil. Treasury yields declined as bond prices rose. Crude oil prices dipped lower. The dollar index rose, while gold prices declined.

Wall Street continued to lag last Monday following the prior week’s sharp losses. The NASDAQ lost 1.2%, the Russell 2000 fell 0.8%, and the S&P 500 dropped 0.5% as weakness in tech shares dragged stocks lower. The Global Dow slipped 0.1%, while the Dow eked out a 0.1% gain. Ten-year Treasury yields fell to 4.40%, the lowest level since mid-December. Crude oil prices edged up 0.6% to $70.83 per barrel. The dollar index was virtually unchanged, while gold prices rose 0.4%.

Stocks slid mostly lower last Tuesday as investors looked ahead to the latest earnings report from a major AI company. For the second straight day, tech shares tumbled, with the NASDAQ falling 1.4%. The S&P 500 extended its losing streak to four days after declining 0.5%. The Russell 2000 fell 0.4%. The Dow gained 0.4%, while the Global Dow was unchanged. Yields on 10-year Treasuries settled at 4.29% after sliding 9.5 basis points. Crude oil prices ended the day at $69.12 per barrel. The dollar dipped 0.1%, while gold prices rose 0.6%.

The market returns were mixed last Wednesday. The S&P 500 barely ended its losing streak. The NASDAQ gained 0.3%, while the Global Dow and the Russell 2000 added 0.2%. The Dow fell 0.4%. Technology, which had been lagging, drove market gains. Ten-year Treasury yields fell to 4.24%. Crude oil prices dropped to $68.77 per barrel. The dollar index gained 0.2%, while gold prices rose 0.4%.

Stocks slid sharply last Thursday, dragged lower by a selloff in tech shares. The NASDAQ fell 2.8%, the S&P 500 dropped 1.6%, the Russell 2000 lost 1.3%, the Global Dow declined 0.8%, and the Dow slid 0.5%. While the earnings report from a major AI company beat analysts’ expectations, potential tariffs on chips worried investors. Ten-year Treasury yields ticked up to 4.28%. Crude oil prices rose to $70.16 per barrel. The dollar index gained 0.8%, while gold prices fell 1.6%.

The stock market ended last week on a high note, with each of the benchmark indexes listed here posting gains. The NASDAQ and the S&P 500 each advanced 1.6%. The Dow gained 1.4%. The Russell 2000 added 1.0%, and the Global Dow ticked up 0.1%. Ten-year Treasury yields ended the session down 5.2 basis points. Crude oil prices fell about 0.4%. The dollar index gained 0.3%, while gold prices fell 1.1%.

Stock Market Indexes

Market/Index	2024 Close	Prior Week	As of 2/28	Weekly Change	YTD Change
DJIA	42,544.22	43,428.02	43,840.91	0.95%	3.05%
NASDAQ	19,310.79	19,524.01	18,847.27	-3.47%	-2.40%
S&P 500	5,881.63	6,013.33	5,954.50	-0.98%	1.24%
Russell 2000	2,230.16	2,203.43	2,163.06	-1.83%	-3.01%
Global Dow	4,863.01	5,236.65	5,215.57	-0.40%	7.25%
fed. funds target rate	4.25%-4.50%	4.25%-4.50%	4.25%-4.50%	0 bps	0 bps
10-year Treasuries	4.57%	4.42%	4.20%	-22 bps	-37 bps
US Dollar-DXY	108.44	106.64	107.56	0.86%	-0.81%
Crude Oil-CL=F	$71.76	$70.27	$69.95	-0.46%	-2.52%
Gold-GC=F	$2,638.50	$2,949.80	$2,867.30	-2.80%	8.67%

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• According to the second estimate from the Bureau of Economic Analysis, gross domestic product rose 2.3% in the fourth quarter of 2024. GDP increased 3.1% in the third quarter. Compared to the third quarter, the deceleration in GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports, which are a negative in the calculation of GDP, turned down. The personal consumption expenditures (PCE) price index rose 2.4% in the fourth quarter, 0.1 percentage point above the increase in the third quarter. For 2024, the PCE price index increased 2.5%. Personal consumption expenditures rose 4.2% in the fourth quarter after advancing 3.7% in the third quarter.
• Both personal income and disposable (after-tax) personal income advanced 0.9% in January, according to the latest data from the Bureau of Economic Analysis. Personal consumption expenditures (PCE), a measure of consumer spending, fell 0.2% in January. The PCE price index for January increased 0.3%. Excluding food and energy, the PCE price index increased 0.3%. From the same month one year ago, the PCE price index for January increased 2.5%, while the PCE price index excluding food and energy increased 2.6%.
• The international trade in goods deficit was $153.3 billion in January, up $31.2 billion, or 25.6%, from December. Exports of goods for January were $172.2 billion, $3.3 billion, or 2.0%, more than December exports. Imports of goods for January were $325.4 billion, $34.6 billion, or 11.9%, more than December imports.
• New orders for manufactured durable goods increased 3.1% in January after decreasing in each of the previous two months. Excluding transportation, new orders were virtually unchanged. Excluding defense, new orders increased 3.5%. Transportation equipment, also up following two consecutive monthly decreases, led the increase, climbing 9.8%.
• Sales of new single-family homes in January were 10.5% below the prior month’s total and 1.1% below the January 2024 estimate. The median sales price of new houses sold in January 2025 was $446,300. The average sales price was $510,000. The inventory of new houses for sale in January represented a supply of 9.0 months at the current sales pace.
• The national average retail price for regular gasoline was $3.125 per gallon on February 24, $0.023 per gallon below the prior week’s price and $0.124 per gallon less than a year ago. Also, as of February 24, the East Coast price fell $0.013 to $3.011 per gallon; the Midwest price decreased $0.044 to $2.938 per gallon; the Gulf Coast price declined $0.036 to $2.704 per gallon; the Rocky Mountain price decreased $0.027 to $3.019 per gallon; and the West Coast price increased $0.001 to $4.188 per gallon.
• For the week ended February 22, there were 242,000 new claims for unemployment insurance, an increase of 22,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended February 15 was 1.2%. The advance number of those receiving unemployment insurance benefits during the week ended February 15 was 1,862,000, a decrease of 5,000 from the previous week’s level, which was revised down by 2,000. States and territories with the highest insured unemployment rates for the week ended February 8 were New Jersey (2.9%), Rhode Island (2.9%), Minnesota (2.5%), Washington (2.5%), California (2.4%), Illinois (2.4%), Massachusetts (2.4%), Montana (2.4%), Pennsylvania (2.0%), Connecticut (1.9%), Michigan (1.9%), and New York (1.9%). The largest increases in initial claims for unemployment insurance for the week ended February 15 were in Kentucky (+3,012), Tennessee (+2,766), Washington (+735), Michigan (+452), and Minnesota (+83), while the largest decreases were in California (-5,530), Pennsylvania (-1,110), Florida (-981), New Jersey (-903), and New York (-698).

Eye on the Week Ahead

The jobs data for February is available this week. January saw employment increase by 143,000, while average hourly earnings ticked up 0.5% for the month and 4.1% over the last 12 months.

The Markets (as of market close February 21, 2025)

Wall Street saw stocks close lower last week as investors soured on risk following the release of weaker-than-expected economic data and inflation worries. Each of the benchmark indexes ended the week in the red. Among the market sectors, consumer discretionary and communication services underperformed. Bond prices moved higher on increased demand, dragging yields lower. Crude oil prices declined for the third straight week. The dollar index ticked lower, while gold prices advanced.

The U.S. stock market was closed last Monday in recognition of Presidents’ Day. However, stocks rose last Tuesday with each of the benchmark indexes listed here closing higher. The Global Dow added 0.4% to lead the way. The Russell 2000 gained 0.3%, while the S&P 500 rose 0.2%, reaching a new record. The NASDAQ ticked up 0.1%. The Dow inched up less than 0.1%. Energy stocks outperformed, offsetting weakness in consumer discretionary and communication services stocks. Yields on 10-year Treasuries edged up to 4.54%. Crude oil prices gained 1.5% to settle at $71.79 per barrel. The dollar index gained 0.4% against a basket of currencies, while gold jumped 1.7% as it neared $3,000.00 per ounce.

The benchmark indexes closed mostly higher last Wednesday. The S&P 500 and the Dow each gained 0.2%, while the NASDAQ rose 0.1%. The Global Dow (-0.5%) and the Russell 2000 (-0.3%) declined. Health care and consumer staples led the market sectors, while materials underperformed. Ten-year Treasury yields ticked lower, closing at 4.53%. Crude oil prices climbed to $72.30 per barrel. The dollar and gold prices inched higher.

Stocks lost value last Thursday after a major retailer’s disappointing profit outlook stirred concerns about economic growth. Each of the benchmark indexes listed here trended lower, led by the Dow, which lost 1.0%. The Russell 2000 fell 0.9%, the NASDAQ dropped 0.5%, the S&P 500 declined 0.4%, and the Global Dow slipped 0.2%. Ten-year Treasury yields fell to 4.50%. Crude oil prices rose to $72.53 per barrel. The dollar index declined 0.8%, while gold prices rose 0.6%.

Last Friday saw stocks plunge lower. The Russell 2000 (-2.6%) and the NASDAQ (-2.2%) led the declines, followed by the Dow and the S&P 500, which each lost 1.7%. The Global Dow slipped 0.4%. Ten-year Treasury yields fell 8.0 basis points. Crude oil prices dropped 3.1%. The dollar index inched up 0.3%, while gold prices declined 0.2%.

Stock Market Indexes

Market/Index	2024 Close	Prior Week	As of 2/21	Weekly Change	YTD Change
DJIA	42,544.22	44,546.08	43,409.81	-2.55%	2.03%
NASDAQ	19,310.79	20,026.77	19,524.01	-2.51%	1.10%
S&P 500	5,881.63	6,114.63	6,013.33	-1.66%	2.24%
Russell 2000	2,230.16	2,279.98	2,203.43	-3.36%	-1.20%
Global Dow	4,863.01	5,250.73	5,236.65	-0.27%	7.68%
fed. funds target rate	4.25%-4.50%	4.25%-4.50%	4.25%-4.50%	0 bps	0 bps
10-year Treasuries	4.57%	4.47%	4.42%	-5 bps	-15 bps
US Dollar-DXY	108.44	106.79	106.64	-0.14%	-1.66%
Crude Oil-CL=F	$71.76	$70.54	$70.27	-0.38%	-2.08%
Gold-GC=F	$2,638.50	$2,894.30	$2,949.80	1.92%	11.80%

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

• The number of building permits issued in January was 0.1% above the revised December rate but is 1.7% below the January 2024 estimate. Single-family building permits in January were virtually unchanged from the revised December rate. Housing starts in January were 9.8% below the revised December estimate and were 0.7% under the January 2024 rate. Single-family housing starts in January were 8.4% below the revised December figure. Residential housing completions in January were 7.6% above the revised December estimate and 9.8% higher than the January 2024 rate. Single-family housing completions in January were 7.1% above the revised December estimate.
• Sales of existing homes declined 4.9% in January but were up 2.0% from a year earlier. Elevated mortgage rates slowed sales. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.85% as of February 20. That’s down from 6.87% one week ago and 6.90% one year ago. Inventory of homes for sale increased from 3.2 months in December to 3.5 months in January. The median existing home price fell 1.7% to $396,900 last month but was 4.8% above the January 2024 price of $378,600. Single-family home sales declined 5.2% in January but were 2.2% above the year earlier rate. The median existing single-family home price was $402,000 in January, down from the December price of $408,200 but higher than the January 2024 price of $382,900.
• The national average retail price for regular gasoline was $3.148 per gallon on February 17, $0.020 per gallon above the prior week’s price but $0.121 per gallon less than a year ago. Also, as of February 17, the East Coast price fell $0.026 to $3.024 per gallon; the Midwest price decreased $0.003 to $2.982 per gallon; the Gulf Coast price increased $0.048 to $2.740 per gallon; the Rocky Mountain price advanced $0.026 to $3.046 per gallon; and the West Coast price increased $0.156 to $4.187 per gallon.
• For the week ended February 15, there were 219,000 new claims for unemployment insurance, an increase of 5,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended February 8 was 1.2%. The advance number of those receiving unemployment insurance benefits during the week ended February 8 was 1,869,000, an increase of 24,000 from the previous week’s level, which was revised down by 5,000. States and territories with the highest insured unemployment rates for the week ended February 1 were New Jersey (2.9%), Rhode Island (2.9%), Minnesota (2.5%), California (2.4%), Massachusetts (2.4%), Washington (2.4%), Illinois (2.3%), Montana (2.3%), Michigan (2.0%), and Pennsylvania (2.0%). The largest increases in initial claims for unemployment insurance for the week ended February 8 were in California (+1,161), Texas (+861), Florida (+816), Washington (+640), and Virginia (+596), while the largest decreases were in New York (-3,013), Pennsylvania (-2,944), Wisconsin (-1,549), Ohio (-1,095), and Illinois (-975).

Eye on the Week Ahead

A considerable amount of economic data is being released this week, however the most attention will be paid to the second estimate of fourth-quarter gross domestic product. The initial estimate showed the economy expanded at a rate of 2.3%. The report on personal income and outlays for January is also out this week. Investors will be paying particular attention to the personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation. It is expected that the PCE price index will move higher, in line with other inflation indicators, such as the Consumer Price Index.