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A short, winning week closes out a big month of gains

It was a short week of trading with the Memorial Day holiday on Monday, but the market started the week with a bang after President Trump announced a deferral of the 50% tariff rate for the EU until July 9 to allow more time to negotiate a trade deal.

The S&P 500 surged 2.1% on Tuesday but ended the week up 1.9%.

In brief, this week's gains were logged on Tuesday. The rest of the week was marked with sideways and choppy action as participants digested a number of other key developments, while contending with the notion that the market is sporting a premium valuation and is due for a period of consolidation.

NVIDIA's better-than-expected earnings report and outlook after Wednesday's close was one of the other key developments, along with a series of well-received 2-yr, 5-yr, and 7-yr note Treasury auctions, improved consumer confidence, and some confusing action on the tariff/trade front.

Late Wednesday, the U.S. Court of International Trade ruled that the president did not have the legal authority to enforce reciprocal tariffs. On Thursday, the U.S. Court of Appeals granted the White House's request to temporarily reinstate the tariffs. On Friday, President Trump said China had violated the preliminary trade agreement worked out in Switzerland and noted "So much for being MR. NICE GUY!" before adding later that day that he hopes to be able to work things out with President Xi.

This week culminated with a 1.9% gain for the S&P 500, a 0.3% gain for the U.S. Dollar Index, and an eight basis-point decline in the 10-yr note yield to 4.42%. The month, meanwhile, was the best month for the S&P 500 (+6.2%) and Nasdaq Composite (+9.6%) since 2023.

  • S&P 500: +1.9% for the week / +0.5% YTD
  • DJIA: +1.6% for the week / -0.6% YTD
  • Nasdaq: +2.0% for the week / -1.0% YTD
  • S&P 400: +0.8% for the week / -3.8% YTD
  • Russell 2000: +1.3% for the week / -7.3% YTD

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Data and rates used were indicative of market conditions as of the date shown and compiled by Briefing.com. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. References to specific securities, asset classes and financial markets are for illustrative purposes only and do not constitute a solicitation, offer, or recommendation to purchase or sell a security. S&P 500 Index is a market index generally considered representative of the stock market as a whole. The index focuses on the large-cap segment of the U.S. equities market. Each company’s security affects the index in proportion to its market value. NASDAQ Composite Index is a market value-weighted index that measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ stock market. Dow Jones Industrial Average is a widely used indicator of the overall condition of the stock market, a price-weighted average of 30 actively traded blue chip stocks, primarily industrials, but also includes financial, leisure and other service-oriented firms. Russell 2000 Index measures the performance of the smallest 2,000 companies in the Russell 3000 Index of the 3,000 largest U.S. companies in terms of market capitalization. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

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6974283.37 (Exp. 09/25)

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