Weekly Market Update – April 28, 2025

Price Return Last Week

S&P 500 +4.6% S&P Mid Cap +3.2% Russell 2000 +4.1%

MSCI EAFE +2.9% MSCI EM +2.8%

10 Yr US Treasury Rate – Fell from 4.33% to 4.27%

Source: Refinitiv Eikon

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Recent News

EU Fines – The European Union imposed fines on Apple and Meta on Wednesday for violating their Digital Markets Act.  Apple received a 500 million euro fine and Meta received a 200 million euro fine.  In addition, each company was issued cease-and-desist orders pertaining to certain areas of their businesses.  Meta will be required to stop requiring users to see personalized ads and Apple will be required to allow app developers the ability to inform customers of alternative ways to purchase apps outside of the App Store.  Both companies are expected to appeal the actions.

Source: The Wall Street Journal

Q1 Earnings Season – Through Friday, 36% of companies in the S&P 500 had reported quarterly earnings.  Of these companies, 73% have reported earnings above estimates, slightly below the five year average of 77%.  Thus far, the year-over-year earnings growth rate for the S&P 500 is 10.1%, which would mark the second consecutive quarter of double-digit earnings growth if it remains at this level through earnings season.  The 12-month forward P/E ratio for the S&P 500 sits at 19.8, just under the 5-year average of 19.9

Source: FactSet

Durable Goods – Mar: 9.2% (Reuters Poll est. 2.0%) Feb: 0.9%

New orders for manufactured durable goods surged in March to 9.2% compared to a month prior.  This represents the second largest monthly increase for this metric since 2020 and the 9th largest increase in the last 33 years.  This likely reflects those looking to make purchases in advance of Trump’s announcement of reciprocal tariffs on April 2.

Source: CNBC, Refinitiv Eikon

Forced Viewing – The Academy of Motion Picture Arts and Sciences announced that they will now require Oscar voters to watch all nominated films in a category before being allowed to vote in that category.  The Academy will track viewership through its streaming platform and will not unlock member voting until all films in the category have been watched in full.  A study conducted by The Hollywood Reporter in 2015 claimed that almost 6% of members had not watched all best picture nominees.

Source: Variety, Vanity Fair

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Upcoming Events

4/28 – Notable Earnings Reports: Nucor

4/29 – Consumer Confidence, Notable Earnings Reports: American Tower, Honeywell, Ecolab, Coca-Cola, Pfizer, UPS, GM, Kraft Heinz, First Solar, ONEOK, Booking, Starbucks, Visa, Mondelez

4/30 – GDP, PCE, Notable Earnings Reports: Humana, Caterpillar, Monster Beverage, Illinois Tool Works, GE Healthcare, Aflac, Allstate, CH Robinson, Cognizant Technology, MetLife, Microsoft, Qualcomm, Meta, Vici Properties, eBay, KLA

5/1 – ISM Manufacturing PMI, Notable Earnings Reports: Linde, Smurfit WestRock, WW Grainger, Air Products and Chemicals, Estee Lauder, Intercontinental Exchange, Eli Lilly, Mastercard, McDonald’s, CVS, Exelon, Aptiv, Fortive, Apple, Amgen, Amazon.com, Mohawk, Airbnb, Stryker

5/2 – Jobs Report, Notable Earnings Reports: Dupont, Chevron, Exxon Mobil, Berkshire Hathaway

Source: Refinitiv Eikon