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June 30, 2025

May-12

Key Dates/Data Releases
7/1: S&P Global Manufacturing PMI, JOLTS
7/3: Employment Situation, international trade in goods and services, S&P Global Services PMI

As of Market Close June 27, 2025

Wall Street has come a long way from an April sell-off as investor optimism over trade agreements and a cooling of tensions in the Middle East helped lift stocks to record highs last week. The S&P 500 and the NASDAQ each hit new highs. Despite inflationary data coming in slightly above expectations, price pressures remained mostly muted (see below). Several market sectors enjoyed notable gains, led by information technology and financials. Energy and real estate moved lower last week. Crude oil prices, which had been surging, had their worst week since March 2023. Gold lost value for the second straight week as global tensions eased, leading to an increase in global trade that reduced the appeal of safe-haven investments. The dollar continued to tumble, hovering near its lowest level since early 2022. With inflation ticking higher in May, coupled with a decrease in consumer spending and a larger-than-expected contraction in first-quarter gross domestic product, the Federal Reserve may be inclined to resume its interest-rate cutting cycle sooner rather than later.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

  • The third and final estimate for first-quarter gross domestic product saw the economy contract 0.5%. Compared to the fourth quarter, when GDP rose 2.4%, the downturn in first-quarter GDP primarily reflected an upturn in imports, which are a negative in the calculation of GDP, a decrease in consumer spending, and a downturn in government spending, which was partly offset by an increase in fixed investment. The increase in imports was likely attributable, in large part, to purchases made in anticipation of price increases due to tariffs. It is expected that growth in imports will slow in the second quarter. Consumer spending, which is a major component of GDP, moved from a 4.0% increase in the fourth quarter to a 0.5% bump in the first quarter.
  • Personal income decreased 0.4% in May, according to estimates by the U.S. Bureau of Economic Analysis. Disposable (after-tax) personal income declined 0.6%, while personal consumption expenditures (PCE) decreased 0.1%. The PCE price index for May increased 0.1%. Excluding food and energy, the PCE price index increased 0.2%. Over the last 12 months, the PCE price index increased 2.3%, while prices excluding food and energy rose 2.7%.
  • The international trade in goods deficit was $96.6 billion in May, up $9.6 billion, or 11.1%, from April. Exports of goods for May were $179.2 billion, $9.7 billion, or 5.2%, less than April exports. Imports of goods for May were $275.8 billion, essentially unchanged from April imports. Over the last 12 months, exports have risen 6.2%, while imports advanced 2.8%.
  • New orders for long-lasting manufactured goods soared 16.4% in May after falling 6.6% in April. New orders for durable goods have risen five of the last six months. New orders for transportation equipment surged 48.3% in May, driving the overall increase for the month. Excluding transportation equipment, new orders ticked up 0.5% last month. Excluding defense, new orders increased 15.5%. Since May 2024, new orders for durable goods rose 6.9%.
  • Sales of new single-family houses in May were 13.7% below the April rate and were 6.3% under the May 2024 rate. The estimate of new houses for sale at the end of May represented a supply of 9.8 months at the current sales rate. The month’s supply was above the April estimate of 8.3 months and higher than the May 2024 estimate of 8.5 months. The median sales price of new houses sold in May was $426,600. This is 3.7% above the April price of $411,400 and is 3.0% above the May 2024 price of $414,300. The average sales price of new houses sold in May was $522,200. This is 2.2% above the April price of $511,200 and is 4.6% over the May 2024 price of $499,300.
  • Sales of existing homes beat market expectations after unexpectedly rising 0.8% in May, rebounding from April’s 0.5% decline. Despite the May advance, existing home sales were 0.7% below the estimate from a year earlier. Inventory of existing homes for sale ticked up to 4.6 months, slightly higher than the April estimate of 4.4 months. The median existing home sales price in May was $422,800, up from $414,000 in April and higher than the May 2024 price of $417,200. Sales of existing single-family homes rose 1.1% in May and were 0.3% higher than the May 2024 estimate. The median single-family home price in May was $427,800, higher than the April price of $418,000 and above the $422,400 estimate from a year ago.
  • The national average retail price for regular gasoline was $3.213 per gallon on June 23, $0.074 per gallon above the prior week’s price but $0.225 per gallon less than a year ago. Also, as of June 23, the East Coast price increased $0.089 to $3.072 per gallon; the Midwest price climbed $0.061 to $3.087 per gallon; the Gulf Coast price increased $0.109 to $2.844 per gallon; the Rocky Mountain price rose $0.063 to $3.177 per gallon; and the West Coast price increased $0.035 to $4.162 per gallon.
  • For the week ended June 21, there were 236,000 new claims for unemployment insurance, a decrease of 10,000 from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended June 14 was 1.3%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended June 14 was 1,974,000, an increase of 37,000 from the previous week’s level, which was revised down by 8,000. This is the highest level for insured unemployment since November 6, 2021, when it was 2,041,000. States and territories with the highest insured unemployment rates for the week ended June 7 were New Jersey (2.2%), California (2.1%), Massachusetts (2.0%), Rhode Island (2.0%), Washington (2.0%), the District of Columbia (1.9%), Minnesota (1.9%), Puerto Rico (1.9%), Illinois (1.6%), Nevada (1.6%), New York (1.6%), Oregon (1.6%), and Pennsylvania (1.6%). The largest increases in initial claims for unemployment insurance for the week ended June 14 were in Pennsylvania (+3,863), Connecticut (+1,750), Oregon (+1,258), Minnesota (+1,173), and Wisconsin (+846), while the largest decreases were in Illinois (-1,978), California (-1,933), New York (-1,402), Georgia (-1,200), and Iowa (-1,197).

 

Eye on the Week Ahead

Fourth of July week brings with it the June employment report. Total employment has been steadily dwindling over the past few months. April saw 147,000 (revised lower) new jobs added, while there were 139,000 new jobs reported in May.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

Important Disclosures

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc.

June 23, 2025

Jun-23

Key Dates/Data Releases
6/23: Existing home sales
6/25: New home sales
6/26: Durable goods orders, GDP, international trade in goods
6/27: Personal income and Outlays

As of Market Close on June 20, 2025

Stocks closed the week with mixed results as investors weighed the escalating tensions in the Middle East against the likelihood of the Federal Reserve cutting interest rates amidst an apparent disagreement between Federal Reserve governors. The Dow, the NASDAQ, and the Russell 2000 closed the week higher, while the S&P 500 and the Global Dow ended the week in the red. Information technology and energy were the only market sectors to finish the week higher. Health care fell by more than 2.5%. Crude oil prices rose for the third straight week as heightened tensions between Iran and Israel threatened supply disruptions, although Iran continued to export crude oil, reaching its highest level in five weeks. Gold prices marked their first decline in the last three weeks. Long-term bond prices climbed on increased demand, pulling yields lower.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

  • The Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate at 4.25%-4.50% following its meeting last week. In reaching its decision, the Committee noted that economic activity has continued to expand at a solid pace, although swings in net exports have affected the data. The unemployment rate remained low and labor market conditions continued to be solid, while inflation was somewhat elevated. The FOMC observed that uncertainty about the economic outlook had diminished but remained prevalent. The Committee’s summary of economic conditions projects two rate cuts of 25 basis points each by the end of 2025. The FOMC next meets on July 30.
  • Retail sales fell 0.9% in May from the previous month but were 3.3% above the May 2024 estimate. Retail trade sales were down 0.9% last month but were up 3.0% from last year. Nonstore (online) retail sales climbed 0.9% in May and advanced 8.3% from last year, while sales at food service and drinking places fell 0.9% in May but rose 5.3% from May 2024.
  • Prices for imports were unchanged in May following an advance of 0.1% in April. Import prices rose 0.2% from May 2024. Import fuel prices declined 4.0% in May, the largest monthly decline since September 2024. Prices for nonfuel imports advanced 0.3% in May and rose 1.7% over the last 12 months. Prices for exports decreased 0.9% in May, the largest one-month decline since October 2023. Despite the May decline, export prices increased 1.7% from May 2024 to May 2025.
  • Industrial production (IP) fell 0.2% in May after increasing 0.1% in April. Manufacturing output ticked up 0.1% in May, driven by a 4.9% gain in motor vehicles and parts. Manufacturing excluding motor vehicles and parts fell 0.3%. Mining increased 0.1% last month, while utilities decreased 2.9%. Total IP in May was 0.6% above its year-earlier level.
  • Building permits issued for privately-owned homes in May were 2.0% below the April rate and 1.0% under the May 2024 estimate. Issued building permits for single-family homes in May were 2.7% below the April total. Privately-owned housing starts in May were 9.8% below the April estimate and 4.6% less than May 2024. The drop in housing starts in May marked the lowest level since May 2020. Single-family housing starts in May were 0.4% above the April approximation. Privately-owned housing completions in May were 5.4% above the April estimate but 2.2% below the May 2024 figure. Single-family housing completions in May were 8.1% above the April rate.
  • The national average retail price for regular gasoline was $3.139 per gallon on June 16, $0.031 per gallon above the prior week’s price but $0.296 per gallon less than a year ago. Also, as of June 16, the East Coast price increased $0.034 to $2.983 per gallon; the Midwest price climbed $0.060 to $3.026 per gallon; the Gulf Coast price increased $0.019 to $2.735 per gallon; the Rocky Mountain price rose $0.029 to $3.114 per gallon; and the West Coast price declined $0.027 to $4.127 per gallon.
  • For the week ended June 14, there were 245,000 new claims for unemployment insurance, a decrease of 5,000 from the previous week’s level, which was revised up by 2,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended June 7 was 1.3%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended June 7 was 1,945,000, a decrease of 6,000 from the previous week’s level, which was revised down by 5,000. States and territories with the highest insured unemployment rates for the week ended May 31 were New Jersey (2.3%), California (2.2%), Massachusetts (2.1%), Washington (2.1%), Rhode Island (2.0%), the District of Columbia (1.9%), Nevada (1.7%), Puerto Rico (1.7%), Illinois (1.6%), and New York (1.6%). The largest increases in initial claims for unemployment insurance for the week ended June 7 were in California (+8,930), Minnesota (+4,809), Pennsylvania (+3,939), Texas (+3,355), and Florida (+3,088), while the largest decreases were in Kentucky (-4,249), North Dakota (-980), Tennessee (-693), Mississippi (-273), and Kansas (-178).

Eye on the Week Ahead

This week is loaded with important, potentially market-moving economic data. The latest data on sales of new and existing homes is available at the beginning of the week. The final estimate of gross domestic product for the first quarter is released midweek. The week ends with the release of the latest data covering personal income, consumer spending, and consumer prices.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

Important Disclosures

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc.

June 16, 2025

Jun-16

Key Dates/Data Releases
6/17: Retail sales, import and export prices, industrial production
6/18: Housing starts, FOMC meeting statement

The Markets (as of market close June 13, 2025)

Unrest in the Middle East dragged stock values lower last week, while pushing gold and crude oil prices higher. For much of the week, investors focused on trade talks between the U.S. and China, which ultimately did not result in a significant breakthrough in trade relations and left tariffs at relatively elevated levels. However, favorable inflation data for May offered some encouragement for investors as stocks moved higher last Thursday. Nevertheless, escalating tensions in the Middle East resulted in a sharp drop in stocks last Friday, while crude oil prices jumped over 13% last week. Gold rose more than 3.5%, with prices nearing an April record high as investors sought safety amid rising geopolitical tensions. Among the market sectors, energy and health care outperformed, while financials, industrials, and consumer staples declined.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

  • Consumer prices ticked up 0.1% in May, according to the latest Consumer Price Index (CPI). Prices for shelter rose 0.3% in May and were the largest contributor to the overall monthly increase. Food prices increased 0.3%, while energy prices fell 1.0% in May as prices for gasoline declined. Consumer prices less food and energy rose 0.1% in May, following a 0.2% increase in April. Over the last 12 months, the CPI increased 2.4%. Inflationary pressures have remained somewhat muted, despite President Trump’s sweeping tariffs, although some economists expect price pressures to heat up over the second half of the year. Also of note, CPI data will come under closer scrutiny moving forward as the Bureau of Labor Statistics announced the suspension of data collection in three cities due to waning resources.
  • Wholesale prices rose 0.1% in May after declining 0.2% in April, according to the latest Producer Price Index (PPI). Since May 2024, the PPI has risen 2.6%. Prices for services advanced 0.1% in May, while prices for goods rose 0.2%. Prices less foods, energy, and trade services edged up 0.1% in May and 2.7% over the last 12 months.
  • The monthly federal deficit was $316 billion in May following April’s $258 billion surplus. In May, total receipts were $371 billion, while total outlays were $687 billion. For fiscal year 2025, the deficit sits at $1,365 billion, compared to $1,202 billion over the same period in the prior fiscal year. In FY25, total receipts equaled $3,482 billion, while total outlays were $4,846 billion.
  • The national average retail price for regular gasoline was $3.108 per gallon on June 9, $0.019 per gallon below the prior week’s price and $0.321 per gallon less than a year ago. Also, as of June 9, the East Coast price decreased $0.027 to $2.949 per gallon; the Midwest price ticked down $0.001 to $2.966 per gallon; the Gulf Coast price increased $0.014 to $2.716 per gallon; the Rocky Mountain price fell $0.055 to $3.085 per gallon; and the West Coast price declined $0.053 to $4.154 per gallon.
  • For the week ended June 7, there were 248,000 new claims for unemployment insurance, unchanged from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended May 31 was 1.3%, an increase of 0.1 percentage point from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended May 31 was 1,956,000, an increase of 54,000 from the previous week’s level, which was revised down by 2,000. This is the highest level for insured unemployment since November 13, 2021, when it was 1,970,000. States and territories with the highest insured unemployment rates for the week ended May 24 were New Jersey (2.2%), Washington (2.1%), California (2.0%), Rhode Island (2.0%), Massachusetts (1.9%), the District of Columbia (1.8%), Illinois (1.6%), Nevada (1.6%), New York (1.6%), Oregon (1.6%), and Puerto Rico (1.6%). The largest increases in initial claims for unemployment insurance for the week ended May 31 were in Kentucky (+3,967), Minnesota (+2,364), Tennessee (+1,764), Ohio (+1,271), and North Dakota (+593), while the largest decreases were in Michigan (-3,783), Massachusetts (-1,585), Florida (-1,456), Iowa (-1,074), and Nebraska (-1,065).

Eye on the Week Ahead

The Federal Open Market Committee meets this week. A few months ago, the consensus was that the Fed would decrease interest rates following their June meeting. However, recent economic indicators relied upon by the Committee tend to point to maintaining the current federal funds rate range.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

IMPORTANT DISCLOSURES

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc

June 9, 2025

Jun-09

Key Dates/Data Releases

6/11: Consumer Price Index, Treasury statement
6/12: Producer Price Index

 

The Markets (as of market close June 6, 2025)

Wall Street ended last week on a positive note, with each of the benchmark indexes listed here closing higher. The S&P 500 rose to its highest level since February, boosted by guarded optimism around U.S.-China trade talks and a better-than-expected jobs report (see below). However, unemployment claims rose to their highest level in eight months, adding some concerns about the future of the labor sector. Stocks opened last week with minimal gains amid investor profit-taking following a strong May. Throughout the remainder of the week, stocks whipsawed on trade information and economic data. In addition to renewed hopes of a resolution to the trade conflict with China, investors also saw a cooling of the vitriol between President Trump and a former ally. Information technology and communication services outperformed among the market sectors, while consumer discretionary and consumer staples closed the week in the red. Ten-year Treasury yields rose. Crude oil prices had their first weekly gain after declining in each of the previous three weeks.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

  • Employment increased by 139,000 in May, similar to the average monthly gain of 149,000 over the prior 12 months. Last month, employment continued to trend up in health care, leisure and hospitality, and social assistance. The Federal government continued to lose jobs. The total number of employed fell by 696,000 to 163.3 million. In May, the employment-population ratio declined by 0.3 percentage point to 59.7%. The labor force participation rate decreased by 0.2 percentage point to 62.4%. The change in employment for March was revised down by 65,000, and the change for April was revised down by 30,000. With these revisions, employment in March and April combined was 95,000 lower than previously reported. The total number of unemployed ticked up marginally to 7.2 million. The unemployment rate held at 4.2% in May and has remained in a narrow range of 4.0% to 4.2% since May 2024. The number of long-term unemployed (those jobless for 27 weeks or more) decreased over the month by 218,000 to 1.5 million, which accounted for 20.4% of all unemployed people in May. Average hourly earnings rose by $0.15, or 0.4%, to $36.24 in May. Over the past 12 months, average hourly earnings have increased by 3.9%. In May, the average workweek was 34.3 hours for the third month in a row.
  • The number of job openings, at 7.4 million, was 191,000 higher in April than the March estimate, according to the latest Job Openings and Labor Turnover Summary. The number of job openings decreased in accommodation and food services (135,000) and in state and local government, and education (51,000). The number of job openings increased in arts, entertainment, and recreation (43,000) and in mining and logging (10,000). In April, the number of hires increased by 169,000 to 5.6 million. The number of total separations in April climbed 105,000 to 5.3 million. Within total separations, the number of quits fell 150,000, while layoffs and discharges increased 196,000 from the previous month.
  • Manufacturing picked up in May, despite issues with tariffs and trade policy. According to the latest survey of manufacturing purchasing managers, companies increased new orders and stocks in anticipation of price increases and possible supply-chain disruptions. Nevertheless, tariff-driven input cost increases led to the highest rise in output prices since November 2022. The S&P Global US Manufacturing Purchasing Managers’ Index™ posted 52.0 in May, up from 50.2 in each of the preceding two months, and represented the best performance since February.
  • May saw an increase in activity and new business in the services sector, according to the S&P Global US Services PMI®. While hiring increased, it was not at a rate sufficient to prevent a rise in backlogs of work. The S&P Global US Services PMI® registered 53.7 in May, up from April’s 50.8, and was reflective of sales growth following April’s 17-month low.
  • The goods and services trade report, released on June 5, was for April and revealed that the trade deficit decreased by 55.5% to $61.6 billion. Exports rose 3.0%, while imports fell 16.3%. Since April 2024, the goods and services deficit increased $179.3 billion, or 65.7%. Exports climbed $58.4 billion, or 5.5%. Imports increased $237.8 billion, or 17.8%.
  • The national average retail price for regular gasoline was $3.127 per gallon on June 2, $0.033 per gallon below the prior week’s price and $0.389 per gallon less than a year ago. Also, as of June 2, the East Coast price decreased $0.019 to $2.976 per gallon; the Midwest price fell $0.051 to $2.967 per gallon; the Gulf Coast price decreased $0.024 to $2.702 per gallon; the Rocky Mountain price rose $0.022 to $3.140 per gallon; and the West Coast price declined $0.051 to $4.207 per gallon.
  • For the week ended May 31, there were 247,000 new claims for unemployment insurance, an increase of 8,000 from the previous week’s level, which was revised down by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended May 24 was 1.2%, a decrease of 0.1 percentage point from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended May 24 was 1,904,000, a decrease of 3,000 from the previous week’s level, which was revised down by 12,000. States and territories with the highest insured unemployment rates for the week ended May 17 were New Jersey (2.2%), California (2.1%), Washington (2.1%), Massachusetts (1.9%), Rhode Island (1.9%), the District of Columbia (1.8%), Illinois (1.6%), Nevada (1.6%), New York (1.6%), Oregon (1.6%), and Puerto Rico (1.6%). The largest increases in initial claims for unemployment insurance for the week ended May 24 were in Michigan (+3,259), Nebraska (+1,328), California (+1,041), Florida (+977), and Virginia (+947), while the largest decreases were in Massachusetts (-747), Illinois (-744), Texas (-601), Washington (-307), and New York (-259).

Eye on the Week Ahead

Inflation data for May is available this week with the releases of both the Consumer Price Index (CPI) and the Producer Price Index (PPI). The CPI rose 0.2% in April, but dipped to 2.3% for the 12 months ended in April. The PPI fell 0.5% in April but rose 2.4% over the last 12 months.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

IMPORTANT DISCLOSURES

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc.

June 2, 2025

Jun-02

Key Dates/Data Releases
6/2: S&P Global Manufacturing PMI
6/3: JOLTS
6/4: S&P Global Services PMI
6/5: International trade in goods and services
6/6: Employment Situation

The Markets (as of market close May 2, 2025)

Despite a dip at the end of the week, stocks closed last week higher as investors digested renewed trade tensions with China, while inflation showed signs of cooling. Each of the benchmark indexes ended the week higher, riding solid gains in tech shares. All of the market sectors closed the week with gains, with notable advances in information technology, consumer discretionary, real estate, and financials. Long-term bond yields declined. Crude oil prices fell for the second week in a row. The dollar continued to slip lower, while gold prices fell as traders moved from safety to risk.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

  • Gross domestic product (GDP) decreased at an annual rate of 0.2% in the first quarter of 2025, according to the second estimate released by the U.S. Bureau of Economic Analysis. In the fourth quarter of 2024, GDP increased 2.4%. Compared to the fourth quarter, the downturn in GDP in the first quarter primarily reflected an increase in imports, which are a subtraction in the calculation of GDP, a deceleration in consumer spending, and a downturn in government spending that were partly offset by increases in investment and exports. Personal consumption expenditures (PCE), a major component in the calculation of GDP, rose 1.2% in the first quarter, compared to an increase of 4.0% in the fourth quarter. In the first quarter, consumer spending on goods ticked up 0.1% (6.2% in the fourth quarter), while spending on services rose 1.7% (3.0% in the fourth quarter).
  • According to the latest report from the Bureau of Economic Analysis, both personal income and disposable (after-tax) personal income increased 0.8% in April. Personal consumption expenditures, a measure of consumer spending, increased 0.2%. From the preceding month, the PCE price index for April increased 0.1%. Excluding food and energy, the PCE price index also increased 0.1%. From April 2024, the PCE price index increased 2.1%, while the PCE price index excluding food and energy increased 2.5%.
  • New orders for durable goods, which had increased for four straight months, fell 6.3% in April. Transportation equipment, which declined 17.1%, drove the overall decrease in durable goods orders. Within transportation equipment, commercial aircraft bookings fell 51.5%. Business equipment orders fell 1.3% in April, the largest drop since October 2024. Durable goods orders rose 4.2% since April 2024.
  • The international trade in goods deficit was $87.6 billion in April, down $74.6 billion, or 46.0%, from the March estimate. Exports of goods for April were $6.3 billion, or 3.4%, more than March exports. Imports of goods for April were $68.4 billion, or 19.8%, less than March imports.
  • The national average retail price for regular gasoline was $3.160 per gallon on May 26, $0.013 per gallon below the prior week’s price and $0.417 per gallon less than a year ago. Also, as of May 26, the East Coast price increased $0.005 to $2.995 per gallon; the Midwest price fell $0.009 to $3.018 per gallon; the Gulf Coast price decreased $0.060 to $2.726 per gallon; the Rocky Mountain price dipped $0.013 to $3.118 per gallon; and the West Coast price declined $0.029 to $4.258 per gallon.
  • For the week ended May 24, there were 240,000 new claims for unemployment insurance, an increase of 14,000 from the previous week’s level, which was revised down by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended May 17 was 1.3%, an increase of 0.1 percentage point from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended May 17 was 1,919,000, an increase of 26,000 from the previous week’s level, which was revised down by 10,000. This is the highest level for insured unemployment since November 13, 2021, when it was 1,970,000. States and territories with the highest insured unemployment rates for the week ended May 10 were New Jersey (2.2%), California (2.1%), Washington (2.1%), Rhode Island (1.9%), District of Columbia (1.8%), Massachusetts (1.8%), Illinois (1.6%), Nevada (1.6%), New York (1.6%), Oregon (1.6%), and Puerto Rico (1.6%). The largest increases in initial claims for unemployment insurance for the week ended May 17 were in Illinois (+1,162), Missouri (+447), Louisiana (+383), Connecticut (+246), and New York (+234), while the largest decreases were in Virginia (-1,277), Michigan (-1,192), California (-686), Florida (-547), and Massachusetts (-399).

Eye on the Week Ahead

The jobs report for May is out this week. April saw employment increase by 177,000, while average hourly earnings rose 0.2% for the month.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

IMPORTANT DISCLOSURES

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. © 2025 Broadridge Financial Services, Inc.

May 27, 2025

May-27

Key Dates/Data Releases
5/27: Durable goods orders
5/29: GDP
5/30: Personal Income and Outlays, international trade in goods

The Markets (as of market close May 23, 2025)

Stocks tumbled last week as traders contemplated the potential impact of new legislation and increased trade tensions following President Trump’s threat of new tariffs against the European Union and Apple. While stocks declined, long-term bond yields rose, with 10-year Treasuries reaching a three-month high of 4.64% last Thursday before settling at 4.51% by the end of the week. Crude oil prices recorded their first weekly loss in May, affected by expectations of another production increase by OPEC+. New tariffs also impacted the dollar index, which fell to its lowest level in two weeks. With investors moving away from risk, gold prices climbed higher.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

  • Existing-home sales slid 0.5% in April for the second straight month and retreated 2.0% from one year ago. The median existing-home sales price rose 1.8% from April 2024 to $414,000, an all-time high for the month of April and the 22nd consecutive month of year-over-year price increases. The inventory of unsold existing homes represented a 4.4-months supply at the current monthly sales pace, up from 4.0 months in March. Sales of existing single-family homes fell 0.3% in April and declined 1.4% over the last 12 months. The median existing single-family sales price was $418,000, 1.7% above the price in April 2024 ($411,100). Inventory of existing single-family homes for sale rose from 3.8 months in March to 4.2 months in April.
  • Sales of new single-family houses in April were 10.9% above the March rate and 3.3% higher than the April 2024 rate. Inventory of new single-family houses for sale represented a supply of 8.1 months at the current sales rate. The April supply was below the March estimate of 9.1 months but above the April 2024 estimate of 7.7 months. The median sales price of new houses sold in April 2025 was $407,200. This is 0.8% above the March price of $403,700 but 2.0% below the April 2024 price of $415,300. The average sales price of new houses sold in April was $518,400, which was 3.7% higher than the March price of $499,700 and was 3.6% above the April 2024 price of $500,600.
  • The national average retail price for regular gasoline was $3.173 per gallon on May 19, $0.053 per gallon above the prior week’s price but $0.411 per gallon less than a year ago. Also, as of May 19, the East Coast price increased $0.043 to $2.990 per gallon; the Midwest price rose $0.049 to $3.027 per gallon; the Gulf Coast price advanced $0.094 to $2.786 per gallon; the Rocky Mountain price dipped $0.006 to $3.131 per gallon; and the West Coast price rose $0.063 to $4.287 per gallon.
  • For the week ended May 17, there were 227,000 new claims for unemployment insurance, a decrease of 2,000 from the previous week’s level. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended May 10 was 1.2%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended May 10 was 1,903,000, an increase of 36,000 from the previous week’s level, which was revised down by 14,000. States and territories with the highest insured unemployment rates for the week ended May 3 were New Jersey (2.3%), California (2.2%), Washington (2.1%), Rhode Island (1.9%), the District of Columbia (1.8%), Illinois (1.7%), Nevada (1.6%), New York (1.6%), Oregon (1.6%), and Puerto Rico (1.6%). The largest increases in initial claims for unemployment insurance for the week ended May 10 were in Massachusetts (+3,410), Virginia (+1,272), Pennsylvania (+595), Illinois (+442), and Nebraska (+395), while the largest decreases were in Michigan (-5,827), California (-1,861), Ohio (-868), New York (-859), and New Hampshire (-475).

 

Eye on the Week Ahead

The second estimate of first-quarter gross domestic product is available this week. The initial estimate showed the economy contracted 0.3%. Also out this week is the Personal Income and Outlays report for April. Consumer spending rose 0.7% in March, while consumer prices were unchanged from the prior month.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

IMPORTANT DISCLOSURES

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc.

May 19, 2025

May-19

Key Dates/Data Releases
5/22: Existing home sales
5/23: New home sales

As of Market Close May 16, 2025

Wall Street enjoyed one of its best weeks in quite some time as stocks moved higher by the close of trading last Friday. Each of the benchmark indexes posted solid weekly gains on the heels of easing U.S.-China trade tensions. The 90-day tariff truce helped drive the S&P 500 back into positive territory for the year. Most of the market sectors experienced growth, with the exception of health care. Consumer discretionary and information technology led the advance, each climbing more than 7.0%. Weaker-than-expected economic reports (see below) chilled investor enthusiasm somewhat, despite the favorable tariff news. Crude oil prices moved higher for the second consecutive week. While easing global tensions helped stocks, gold prices slipped lower. After reaching a three-month high of 4.55% last Thursday, yields on 10-year bonds dipped by the end of the week. Nevertheless, yields closed the week more than 20 basis points higher than their values at the start of May.

Stock Market Indexes

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week’s Economic News

  • Consumer prices ticked up 0.2% in April after falling 0.1% in the previous month, according to the latest Consumer Price Index. Over the last 12 months, consumer prices have risen 2.3% following a 2.4% increase for the 12 months ended in March. The April change was the smallest 12-month increase in the CPI since February 2021. The all items less food and energy index rose 2.8% over the last 12 months. More than half of the April price increase was attributable to a 0.3% rise in shelter prices. Prices for energy also rose 0.7% last month. Food prices, in contrast, fell 0.1% in April. Consumer prices less food and energy rose 0.2% in April following a 0.1% increase in March.
  • Prices received by producers of goods, services, and construction (generally, wholesale prices) decreased 0.5% in April, which was largely attributable to a 0.7% drop in prices for services. This was the largest decline in prices for services since December 2009. Prices received for goods were unchanged from the prior month. Since April 2024, producer prices have risen 2.4%. Prices less foods, energy, and trade services edged down 0.1% in April, the first decline since April 2020. For the 12 months ended April 2025, prices less foods, energy, and trade services advanced 2.9%.
  • According to the latest report from the Census Bureau, retail and food services sales ticked up 0.1% in April from the previous month and rose 5.2% from April 2024. Retail trade sales were down 0.1% from March but were up 4.7% from last year. Sales for motor vehicle and parts dealers were up 9.4% from last year, while food service and drinking places sales rose 7.8% over the last 12 months.
  • Total industrial production was unchanged in April, according to the latest information from the Federal Reserve. Manufacturing declined 0.4% and mining fell 0.3%. These decreases were offset by a 3.3% increase in utilities. Over the 12 months ended in April, total industrial production rose 1.5%, manufacturing increased 1.2%, mining inched up 0.7%, and utilities advanced 4.3%.
  • Import prices increased 0.1% in April following a 0.4% decrease in March. Higher prices for nonfuel imports more than offset lower prices for fuel imports in April. Prices for nonfuel imports increased 0.4% in April following a decrease of 0.1% in March. Import prices rose 0.1% from April 2024 to April 2025. Prices for exports advanced 0.1% in April for the second consecutive month. Prices for exports have not declined on a one-month basis since September 2024. Export prices advanced 2.0% from April 2024 to April 2025.
  • The federal government had a $258 billion surplus in April, of which $537 billion was attributable to income tax receipts. By comparison, the surplus in April 2024 was $210 billion. For fiscal year 2025, the deficit sits at $1,049 billion. Over the same period last fiscal year, the deficit was $855 billion.
  • The number of residential building permits issued in April declined 4.7% from the previous month’s estimate. Residential building permits were also 3.2% below the year-earlier figure. Single-family permits in April were 5.1% below the revised March figure. Privately-owned housing starts in April were 1.6% above the March estimate but 1.7% below the April 2024 rate. Single-family housing starts in April were 2.1% below the revised March figure. Privately-owned housing completions in April were 5.9% below the revised March estimate and 12.3% below the April 2024 figure. Single-family housing completions in April were 8.0% below the revised March rate.
  • The national average retail price for regular gasoline was $3.120 per gallon on May 12, $0.027 per gallon below the prior week’s price and $0.488 per gallon less than a year ago. Also, as of May 12, the East Coast price ticked down $0.051 to $2.947 per gallon; the Midwest price decreased $0.049 to $2.978 per gallon; the Gulf Coast price fell $0.030 to $2.692 per gallon; the Rocky Mountain price increased $0.019 to $3.137 per gallon; and the West Coast price rose $0.068 to $4.224 per gallon.
  • For the week ended May 10, there were 229,000 new claims for unemployment insurance, unchanged from the previous week’s level, which was revised up by 1,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended May 3 was 1.2%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended May 3 was 1,881,000, an increase of 9,000 from the previous week’s level, which was revised down by 7,000. States and territories with the highest insured unemployment rates for the week ended April 26 were New Jersey (2.4%), California (2.2%), Washington (2.1%), Rhode Island (2.0%), the District of Columbia (1.8%), Massachusetts (1.8%), Illinois (1.7%), New York (1.7%), Minnesota (1.6%), Nevada (1.6%), Oregon (1.6%), and Puerto Rico (1.6%). The largest increases in initial claims for unemployment insurance for the week ended May 3 were in Michigan (+6,869), California (+1,187), Maryland (+1,073), Texas (+930), and Florida (+584), while the largest decreases were in New York (-15,228), Massachusetts (-3,993), New Jersey (-3,243), South Carolina (-1,049), and Connecticut (-895).

 

Eye on the Week Ahead

The housing sector is front and center this week. The latest data on sales of new and existing homes is available for April. Sales of existing homes fell in March, while sales of new single-family homes rose. Higher mortgage lending rates have kept some potential homebuyers away over the past several months.

Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).

News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.

Important Disclosures

Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC., a Registered Broker/Dealer and member FINRA/SIPC.

Neither Spire Wealth Management nor Corbett Road Wealth Management provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Please speak with your tax or legal professional.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Advisor Solutions. ©2025 Broadridge Financial Services, Inc.

Calculators

Link Disclosure: The information being provided is strictly as a courtesy. When you click on any of the links provided here, you are leaving this website and viewing information provided by a third party. We make no representation as to the completeness or accuracy of information provided by any third-party website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information, and programs made available through this website. By accessing these calculators, you assume total responsibility and risk for your use of the third-party website.

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