Markets
Stocks advanced over the short trading week, bolstered by a possible trade deal with the European Union (EU) and an upbeat corporate report from a mega-cap tech company that creates semiconductors used in the creation of artificial intelligence. Under the headlines, AI spend is only accelerating!
The Standard & Poor’s 500 Index rose 1.87 percent, while the Nasdaq Composite Index popped 2.01 percent. The Dow Jones Industrial Average advanced 1.60 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, inched up 0.84 percent.1,2
EU Trades lift stocks
On Monday, stocks bolted out of the gate on news that the European Union agreed to speed up trade talks with the U.S. By the end of the session, the S&P 500 and Nasdaq posted gains north of 2 percent.3
Stocks fell following Wednesday’s release of minutes from the Fed meeting in May, which showed Fed officials are cautious. Some fear that trade-related economic uncertainty could increase inflation and impact the labor market.4,5
On Friday, stocks were flat despite the White House accusing China of violating its trade deal. The S&P 500 added 6.2 percent and the Nasdaq 9.6 percent for the month, their best since November 2023.
Inflation Update
The Fed’s preferred inflation measure—the Personal Consumption and Expenditures (PCE) Index—was released on Friday, showing only a modest uptick in prices in April.7
PCE increased 0.1 percent for the month, putting the annual rate at 2.1 percent—the lowest since September 2024.
On the Expenditures side, the report shows a higher consumer saving rate as they navigate economic uncertainty.8
Overall, the federal reserve has room to lower rates…
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