Stuck
Hey team. The S&P500 index rose 1.9% last week, capping the biggest month of gains since November 2023.
Let’s re-cap last weeks events and see what’s ahead for this market!
Macro Viewpoint
The S&P 500 gained +1.9% this week and finished up +6.2% for the month – the best May monthly performance since 1990 – as investors have been digesting this month ongoing trade war developments, a Moody's US debt downgrade, and House passage of a budget bill that has pressured long-end rates higher.
As the US trade policy drama continues, next week offers a range of indicators to assess the damage to the real economy.
The upcoming week’s economic releases focus primarily on employment. Employment growth has slowed but remains healthy, moderating from the unsustainably rapid pace of 2022-2023 to a solid and sustainable rate in 2024 and early 2025.
Tariffs are increasing production costs, leading us to suspect that companies may reduce hiring in response. However, current data suggests resilience in the labour market..
Wall St. Prime Intel
After the steep climb on the US-China trade deal, equity positioning has largely gone sideways in the last two weeks despite several large catalysts: the threat of tariffs on Apple, the threat of 50% tariffs on the EU and its delay, the surprise court ruling against reciprocal tariffs, and the re-escalation with China.
‼️ In today’s prime intelligence we disclose information of the latest positioning of asset managers and institutional inventors along with systematic equity positioning 👇
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