• Adam Baley
• Kendall Bauer
• Steve Giles
• Engineered by Jason Scuglik

• Nasdaq – 26225, down 22 points or 0.1%
• S&P 500 – 7409, up 10 points or 0.1%
• Dow Jones Industrial Average – 49526, down 83 points or 0.2%
• 10-year U.S. Treasury Note – 4.60%, up 0.23 point

With an abundance of economic data this week we have a lot to cover. Here’s some of the key numbers:

-Consumer prices rose 3.8% year over year. Even stripping out volatile food and energy prices, core inflation rose 2.8%, which is well above our comfort zone.

-Producer prices soared 6% year over year, driven by surging oil costs. Soaring producer prices renew inflation worries as businesses are likely to pass those higher costs on to consumers in the coming months.

-Retail sales rose .5% last month, though largely driven by higher gasoline prices. However, online shopping by consumers showed resilience.

-industrial production and Business Inventories rose in April, both showing stability in consumer demand.

• Kyle Tetting
• Kendall Bauer
• Engineered by Jason Scuglik

• Nasdaq – 26247, up 1084 points or 4.3%
• S&P 500 – 7399, up 153 points or 2.1%
• Dow Jones Industrial Average – 49609, down 19 points or 0.0%
• 10-year U.S. Treasury Note – 4.36%, down 0.01 point

Investors remain focused on earnings and interest rates, with a marked shift in stock prices since the end of March reflecting increasing optimism about stocks more broadly. The S&P is experiencing one of its best earnings seasons in 20 years, with growth in the first quarter looking to exceed 28%.

New investment tools in the Exchange Traded Fund space continue to emerge chasing a variety of investment themes, but challenges remain as investment expense and trend-chasing obscure what’s right with what’s possible.

On the economic front, relative stability in the labor market belies broader concerns about the war and rising prices. The reminder remains: cautious balance remains a far more prudent path than trying to predict bursting bubbles.

• Kyle Tetting
• Steve Giles
• Mike Hoelzl
• Engineered by Jason Scuglik

• Nasdaq – 25119, up 282 points or 1.1%
• S&P 500 – 7232, up 67 points or 0.9%
• Dow Jones Industrial Average – 49513, up 283 points or 0.6%
• 10-year U.S. Treasury Note – 4.38%, up 0.07 point

In this week’s episode, we break down a pivotal moment for the Federal Reserve and what it means for markets going forward. With Jay Powell presiding over his final meeting as Fed Chair—while signaling he’ll remain on the Board amid an ongoing DOJ probe—we unpack the historical significance of the moment and the policy decisions that came with it. Rates held steady at 3.5%–3.75%, offering investors a sense of stability, but rising disagreement within the Fed reveals a more complicated picture beneath the surface.

Earnings season, meanwhile, is delivering both excitement and volatility. Standout performances from major names saw double-digit jumps following their reports. With trading volumes surging and sharp market reactions becoming the norm, investors are navigating a fast-moving landscape.

We also tackle the growing conversation about U.S. debt, which has now surpassed 100% of GDP. While this milestone raises long-term concerns about fiscal sustainability, we explain why it doesn’t necessarily signal an imminent crisis.

Finally, we round out the episode with key economic data releases. Consumer confidence showed modest improvement in April, with optimism in the labor market offsetting concerns about geopolitical tensions and rising gas prices. On the labor front, initial jobless claims dropped to their lowest level in over 50 years, reinforcing the strength of the job market and complicating the Fed’s fight against inflation. GDP growth came in at a solid 2.0% annualized rate for Q1, boosted in part by ongoing AI investment, while core PCE remains elevated around 3.2%, underscoring that inflation is still very much in play.

As always – if you have any questions about what we’ve discussed this week, give your advisor a call at 414-223-1099!