US Equity Markets hit record highs last week as investors cheered a potential ending of the Israel-Iran conflict with no disruption to oil supplies. The S&P 500 rallied 3.4% for the week and is now up 5.0% for the year. The Nasdaq rose 4.3% for the week to bring its gains for the year to 5.0%. The Russell 2000 (small cap stocks) increased 3.0% for the week and is now down 2.6% for the year.
Global Equity Markets celebrated the developments with Israel and Iran as well as NATO hikes in defense spending that should provide a boost to European economies. Developed Markets increased 2.9% for the week and are now up 16.9% for the year. Emerging Markets rose 3.3% for the week and are now up 14.2% for the year.
Energy prices dropped sharply last week following the developments in the Middle East. The price of oil declined 12% for the week to $65.07/barrel, now down 9.3% for the year. Natural gas prices, which are largely based on domestic US production and demand, dropped 3.3% to $3.75/mmbtu.
Of Interest to Us
The month of July has historically been among the strongest months for equity returns. Since 1950, the S&P 500 has averaged a monthly return of 1.4% for the month of July, the fourth best month of the year. However, over the last 10 years, July has averaged a monthly return of 3.4%, making it the second best month over that period of time, only behind November (4.1%).
Market Data
for the week ending 6/27/2025
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