Weekly Market Bullets

for the week ending 4/11/2025

• US Equity Markets surged last week in frenetic trading, as President Trump paused the implementation of tariffs for 90 days on all countries except China in order for negotiations to take place. The S&P 500 rallied 5.7% for the week to bring is losses for the year to down 8.8%. The Nasdaq soared 7.3% for the week and is now down 13.4% for the year, while the Russell 2000 (small cap stocks) increased a more modest 1.8% for the week to bring its losses for the year to down 16.6%.

• Global Equity Markets were mixed last week, as an escalating trade war between the US and China impacted markets. Developed Markets rose 1.1% for the week on the tariff relief and are now up 1.3% for the year. Emerging Markets tumbled 3.9% for the week on declines in Chinese equities and are now down 2.8% for the year.

• US Interest Rates spiked last week despite good inflation data on rising concerns that some foreign countries may choose to sell US Treasuries. The Consumer Price Index (CPI) for March rose 2.4% from a year ago, better than forecasts and down from 2.8% in February. Core CPI, which excludes food and energy prices, increased 2.8% from a year ago, also better than forecasts and down from 3.1% in February. Despite that, the yield on the US 10-Year Treasury spiked to 4.49% vs. 4.01% the prior week. This jump in 10-Year Treasury yields is the third largest weekly increase on record.

• Foreigners hold approximately $7.2 trillion of US Treasuries. With rates spiking at least in part on concerns of foreign willingness to own US Treasuries, foreigners currently own about $7.2 trillion of US debt, or roughly 30% of the total Treasuries outstanding. According to Statista Research, as of December 2024, Japan was the largest holder of US Treasuries ($1.06 trillion) followed by China ($759 billion) and the United Kingdom ($723 billion).

Market Data

for the week ending 4/11/2025