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Retail stock ownership rebounded to 62% of Americans in 2025, near pre-2007 highs. Despite this broader participation, the wealthiest 10% of Americans still own 87% of equities, and the wealthiest 1% own close to 50%. 1
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The S&P 500 posted its best April since 2020, with the index up ~10% for the month and the Nasdaq up ~15%. Recently, May has also been a good month for the market, with the S&P 500 rising in May 12 times over the past 13 years. *2
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Despite recent increases, inflation-adjusted U.S. gas prices are still around 1990 levels. Additionally, US household energy spending has fallen to just ~3.4% of disposable income, down from as high as 8% in the 1980s. 3
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A recent survey shows that financial stress extends well beyond lower-income earners. 41% of households making $300K-$500K and 40% of households earning over $500K self-reported living paycheck to paycheck. 4
- Barron’s – “Retail Investors Keep Getting Burned in the Stock Market. They’re Piling In Again Now.”
- Barron’s – “The S&P 500 Just Had Its Best Month Since 2020. Don’t Let ‘Sell in May’ Spook You.”
- A Wealth of Common Sense – “Higher Gas Prices”
- Goldman Sachs Asset Management – “New Economics of Retirement: Retirement Survey & Insights Report 2025”
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Factory Orders (March), New York Fed President John Williams speaks
Tuesday:
U.S. Trade Balance (March), Job Openings (March), New Home Sales (February delayed), New Home Sales (March), S&P Final U.S. Services PMI (April), ISM Services (April), Fed Vice Chair for Supervision Michelle Bowman speaks, Fed Governor Michael Barr speaks
Wednesday:
ADP Employment (April), St. Louis Fed President Alberto Musalem speaks, Chicago Fed President Austan Goolsbee speaks
Thursday:
Initial Jobless Claims (week of May 2), U.S. Productivity (Q1), Construction Spending (February delayed), Construction Spending (March), Minneapolis Fed President Neel Kashkari speaks, Cleveland Fed President Beth Hammack speaks, Consumer Credit (March), New York Fed President John Williams speaks
Friday:
Fed Governor Lisa Cook speaks, U.S. Employment Report (April), U.S. Unemployment Rate (April), U.S. Hourly Wages (April), Hourly Wages Year over Year, Wholesale Inventories (March), Consumer Sentiment (prelim May), Fed panel
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