Stocks pushed higher last week as investors cheered the White House’s constructive comments on trade, upbeat Q1 corporate reports, and an encouraging jobs report.
The Standard & Poor’s 500 Index gained 2.92%, while the Nasdaq Composite Index rose 3.42%. The Dow Jones Industrial Average added 3%. The MSCI EAFE Index, which tracks developed overseas stock markets, advanced 2.56%.1,2
Longest Winning Streak in 20 Years
During the first two trading days, stocks increased as investors responded favorably to White House comments on tariff deals.3
Then midweek—on the last day of the month—fresh data showed the economy contracted by 0.3% in Q1—the first decline in gross domestic product (GDP) in three years. Stocks initially fell on the news, but staged a stunning recovery to add a seventh day to the S&P 500’s and Dow Industrial’s winning streaks.4
Q1 corporate reports from a couple of mega-cap tech companies boosted all three major averages over the next session, with Nasdaq leading the rise. By Thursday’s close, Nasdaq had returned to its pre-April 2 levels.5
The rally accelerated on Friday as a better-than-expected April jobs report eased some concerns about the economy’s strength. Signs of a potential thaw in Washington-Beijing trade relations also boosted enthusiasm. The Dow Industrials rose for a ninth straight session, as did the S&P 500—its longest winning streak in 20 years.6
Source: YCharts.com, June 15, 2024. Weekly performance is measured from Monday, June 10, to Friday, June 14. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.
Solid Jobs Report
The April jobs report showed employers added 177,000 jobs last month—34,000 more than economists expected.
The report quieted talk about a recession, which was welcome news. The April figure also showed the economy was still adding jobs, despite a sluggish Q1 GDP report. However, the strong report did prompt some traders to push out expectations for an interest rate adjustment until the Fed’s July meeting.7,8
This Week: Key Economic Data
Monday: ISM Services Index. PMI Composite (final).
Tuesday: Trade Deficit. FOMC meeting – Day 1.
Wednesday: FOMC meeting – Day 2. Fed Decision / Fed Chair Powell Press Conference. Consumer Credit.
Thursday: Jobless Claims. Productivity & Costs. Wholesale Inventories. Fed Balance Sheet.
Friday: Fed Officials speak: Austan Goolsbee (Chicago Fed President), John Williams (New York Fed President) and Beth Hammack (Cleveland Fed President).
Source: Investors Business Daily – Econoday economic calendar, May 2, 2025.
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Monday: Palantir Technologies Inc. (PLTR), Vertex Pharmaceuticals Incorporated (VRTX)
Tuesday: Advanced Micro Devices, Inc. (AMD), Arista Networks, Inc. (ANET), Duke Energy Corporation (DUK)
Wednesday: Uber Technologies, Inc. (UBER), The Walt Disney Company (DIS), AppLovin Corporation (APP)
Thursday: Shopify Inc. (SHOP), ConocoPhillips (COP), McKesson Corporation (MCK)
Source: Zacks, May 2, 2025.
Companies mentioned are for informational purposes only and should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
Not All Third-Party Payroll Service Providers Are Equal
These activities can be itemized as deductions if you have plans to sell or buy a home this summer or to donate some old items.
Here are some examples:
If you are refinancing your home this summer, you can deduct some of your mortgage interest. However, there are some limits to these deductions. According to the IRS, the deduction is limited to interest paid on a loan secured by the taxpayer’s main or second home. When refinancing, you must use the loan to buy, build, or substantially improve your main or second home.
If you buy a new home this summer, you can deduct mortgage interest if you pay $750,000 in qualifying debt for a first and second home or $375,000 when married and filing separately.
Summer is a great time to sift through your things and donate old clothes, furniture, or home goods you no longer need. If you itemize the deductions and provide proof of the donations, these donations may qualify for a tax deduction.
In addition to donating items, you can deduct mileage on your vehicle for services performed for a qualifying charity.
*This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov9
The weather is heating up, so cool down with this tasty, healthy, fresh watermelon salad!
Ingredients
- 5 cups of cubed watermelon
- 1 cup of diced cucumber
- ¼ cup thinly sliced red onion
- ⅓ cup crumbled feta cheese
- 1 avocado, cubed
- ⅓ cup torn mint or basil leaves
- Sea salt
For the dressing
- 2 tablespoons extra-virgin olive oil
- 3 tablespoons lime juice
- ½ garlic clove, minced
- ¼ teaspoon sea salt
Whisk together all the dressing ingredients in a small bowl and set aside. Arrange the watermelon, cucumber, and red onion and drizzle with half the dressing. Then add the feta, avocado, and mint. Drizzle with the rest of the dressing. Salt to taste and serve.
Tip adapted from Love and Lemons.10
A word appears, and six letters it contains. Subtract only one, then twelve remains. What is this word?
Last week’s riddle: It has dozens of fine teeth, but you can hold it in your hand and it will never bite you. What is it?
Answer: A comb.
Footnotes and Sources
1. The Wall Street Journal, May 2, 2025
2. Investing.com, May 2, 2025
3. CNBC.com, April 29, 2025
4. The Wall Street Journal, April 30, 2025
5. CNBC.com, May 1, 2025
6. CNBC.com, May 2, 2025
7. MarketWatch.com, May 2, 2025
8. CNBC.com, May 2, 2025
9. IRS.gov, November 18, 2024
10. Love and Lemons, December 12, 2024
The New York Stock Exchange building on Wall Street
