US Equity Markets rebounded last week as the trade/tariff rhetoric between the US and China eased. The S&P 500 rose 1.7% for the week and is now up 13.3% for the year. The Nasdaq was up 2.1% for the week to bring its gains for the year to 17.5%, while the Russell 2000 (small cap stocks) increased 2.5% for the week and is now up 10.0% for the year.
Global Equity Markets were mixed last week amid the improved outlook for US/China trade progress. Developed Markets increased 0.6% for the week and are now up 22.9% for the year. Emerging Markets fell 0.3% for the week to bring its gains for the year to 26.6%.
Oil Prices Hit 4-Year Low last week. The price of oil closed one day last week at $56.99/barrel, its lowest closing price since February of 2021. The combination of high oil supplies globally and progress on peace deals in oil-producing regions has weighed on energy prices. We should start to see lower gasoline prices within the next couple of weeks.
Of Interest to Us
Foreign Central Banks are diversifying away from US Treasuries. Foreign Central Banks reduced their holdings of US Treasuries by $31 billion the prior week, and have lowered their holdings by $183 billion since tariffs were announced in early April. This decline may help explain why Gold is up over 60% for the year as these central banks opt to buy Gold instead of Treasuries.
Market Data
for the week ending 10/17/2025
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