A week of solid gains was wiped out in the US Equity Markets last week following the attacks between Israel and Iran. The S&P 500 dropped 0.4% for the week and is now up 1.6% for the year. The Nasdaq fell 0.6% for the week to bring its gains for the year to 0.5%. The Russell 2000 (small cap stocks) declined 1.5% for the week and is now down 5.8% for the year.
Global Equity Markets fared better as hopes increased for progress on US-China trade, with markets helped in part by the fact that many were closed as the Israel-Iran attacks escalated. Developed Markets dropped 0.1% for the week and are now up 15.3% for the year. Emerging Markets rose 0.6% for the week to bring its gains for the year to 10.7%.
Oil Prices Spiked following the attacks in the Middle East. The price of West Texas Intermediate (WTI) crude oil, which is the benchmark for US oil prices, rose 13% for the week to close at $73.18/barrel. The price of WTI is now up 2.0% for the year.
Of Interest to Us
Labor markets appear to be weakening, albeit slowly. Continuous Jobless Claims, which represent people who remain unemployed after having already filed initial unemployment claims, reached its highest level since November 2021, with the 4-week moving average totaling 1.91 million. Initial Weekly Jobless claims have also begun to increase, coming in at 248K for the most recent week compared to an average of around 220K a few months ago. Neither level is alarming historically, but the trend is moving slowing in the wrong direction.
Market Data
for the week ending 6/13/2025
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