US Equity Markets struggled again last week as looming tariffs set to be announced by the Trump Administration weigh on investors. The S&P 500 declined 1.5% for the week to bring is losses for the year to down 5.1%. The Nasdaq was down 2.6% for the week and is now down 10.3% for the year, while the Russell 2000 (small cap stocks) fell 1.6% for the week to bring its losses for the year to down 9.3%.
Global Equity Markets dropped last week as President Trump placed tariffs on autos manufactured outside the US. Developed Markets were down 1.3% for the week but remain up 7.5% for the year. Emerging Markets fell 0.9% for the week and are now up 4.2% for the year.
US Inflation largely holding steady. The Personal Consumption Expenditures (PCE) Price index for February showed a 2.5% increase from a year ago, in line with expectations and consistent with January's increase. The Core PCE Price Index, which excludes food and energy prices, was up 2.8% in February from a year ago, up slightly from January's increase of 2.7% and forecasts of 2.7%.
Of Interest to Us
No Sector in the Equity Markets has seen an increase in earnings estimates for 2025. To the contrary, every sector of the equity markets has seen earnings estimates come down. Declines have been the worst in the Materials (down 13.7%) and Industrials (down 6.8%), while estimates for Healthcare (down 2.0%) and Real Estate (down 2.2%) have held up the best. The S&P 500 overall has seen a 3.5% decline in earnings estimates for 2025.
Market Data
for the week ending 3/28/2025
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