WEEKLY MARKET RECAP – MAY 9, 2025
U.S. stocks moved within a tight range throughout most of the week, ending slightly lower overall, as markets took a breather following recent bouts of heightened volatility. Despite recent gains, the S&P 500 remained nearly 8% below its mid-February all-time high.
Markets declined on Monday and Tuesday but rebounded midweek after progress in international trade talks boosted investor confidence. The U.S. and U.K. announced a framework for a potential broad trade agreement, while the U.S. and China agreed to resume negotiations after a period of tariff escalation.
The Federal Reserve held interest rates steady for the third consecutive meeting, maintaining its cautious stance. In its statement, the Fed acknowledged rising risks of both higher unemployment and inflation. Fed Chair Jerome Powell added that the path forward for monetary policy remains uncertain.
Oil prices experienced sharp swings, with U.S. crude briefly dipping below $56 per barrel on Monday—the lowest level in over four years—before recovering to about $61 by Friday. Despite the rebound, prices remained far below the $80 mark reached four months ago, as shifting expectations about global trade and economic growth continue to affect the energy market.
Corporate earnings continued to strengthen as the reporting season neared completion. As of Friday, about 90% of S&P 500 companies had reported first-quarter results, with net income expected to grow an average of 13.4%, according to FactSet, up from the 12.8% growth forecast a week earlier.
Gold resumed its sharp rally after two weeks of declines. The metal surged early in the week, reaching as high as $3,444 per ounce—close to its April 21 record—before settling around $3,350 on Friday, up over 3% for the week.
Looking ahead, Tuesday’s Consumer Price Index report will offer insight into whether the recent softening of inflation continued in April. March’s CPI showed an annual inflation rate of 2.4%, down from 2.8% the month before, as global trade tensions and tariff impacts continue to unfold.
Major U.S. Economic Reports
| Report | Period | Actual | Previous |
| S&P final U.S. services PMI | April | 50.8 | 51.4 |
| ISM services | April | 51.6% | 50.8% |
| U.S. trade deficit | March | -$140.5B | -$123.2B |
| Consumer credit | March | $10.1B | -$613 million |
| Initial jobless claims | May 3 | 228,000 | 241,000 |
| U.S. productivity | Q1 | -0.8% | 1.7% |
| Wholesale inventories | March | 0.4% | 0.5% |
Closing Prices for the Week
| Contract | Close |
|---|---|
| Dow Jones Industrials Average | 41,249.38 |
| Nasdaq Composite | 17,928.92 |
| S&P 500 Index | 5,659.91 |
| CBOE Volatility Index | 21.90 |
| S&P GSCI | 531.53 |
| U.S. Dollar Index | 100.339 |
| 10-Year T-Note (Jun ’25) | 110-260 |
| Crude Oil WTI (Jun ’25) | 61.02 |
| Natural Gas (Jun ’25) | 3.795 |
| Gold (Jun ’25) | 3,344.0 |
| Silver (Jul ’25) | 32.914 |
| Corn (Jul ’25) | 449-6 |
| Wheat (Jul ’25) | 521-6 |
| Soybean (Jul ’25) | 1051-6 |
| Coffee (Jul ’25) | 387.75 |
| Sugar #11 (Jul ’25) | 17.78 |
| Cocoa (Jul ’25) | 9,187 |
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