Weekly Market Recap

What Happened Last Week

  • Labor Data: Friday’s non-farm payrolls report showed a slowing, but still a healthy labor market.
    Broadcom
  • Earnings: Broadcom (AVGO) disappointed investors despite posting solid numbers in a highly anticipated report.
  • Trump-Xi Phone Call: Trump and Xi spoke by phone, making progress on minor trade issues with talks scheduled to continue this week.

What We’re Watching This Week

  • Inflation: The May Consumer Price Index (CPI) for release on Wednesday, although the impact of tariffs may make the results difficult to interpret.
  • China Talks: Trade talks with China are set to resume on Monday in London, with a focus on rare earths and AI chip exports.
  • Tech Presentations: Apple (AAPL), Nvidia (NVDA), and Advanced Micro Devices (AMD) will all update investors on their businesses and new offerings this week.

Investment Management Views

The first week of June saw equity markets continue May’s momentum. The S&P 500 rallied about 1.5% to close less than 3% away from February’s all-time highs. International stocks failed to keep pace with their domestic counterparts last week, but global stocks reached new all-time highs, driven by the better year-to-date performance of international equities. News that U.S.-China talks in Geneva yielded progress on some minor trade issues led to a rally in Chinese equities, and buoyed emerging markets more broadly. After Nvidia’s bullish guidance, investors were hoping to see more from AVGO, which sold off modestly after its earnings release. Lululemon (LULU) also disappointed investors, as the retailer continues to face a cost-conscious consumer.

Last week’s economic data reports point to a less robust but still expansionary economic environment. This highlight was Friday’s non-farm payrolls report, a better-than-feared report that points to a low-hiring, low-firing environment. Such a wait-and-see release from a key economic indicator will keep the Fed on hold for longer, and expectations for a September cut fell modestly last week. Trading desks also appear to share a similar mindset, allowing the market’s positive momentum to push prices higher as traders opt to follow, rather than fight, the tape.

Further trade talks between U.S. and Chinese officials in London are set to take center stage this week. The G7 Summit, an event Trump is scheduled to attend, comes next on June 15 in Canada. As for economic data, the May CPI will be released on Wednesday; however, tariff volatility may add some noise, making the data difficult to interpret. Also ahead are auctions for 3-year, 10-year, and 30-year Treasuries, which will be closely watched for signs of investors’ cooling attitudes toward U.S. debt. Additionally, Republicans in the Senate are preparing to release revisions to Trump’s “Big Beautiful Bill” as lawmakers continue to grapple with the fiscal implications of the spending package.

A Consumer Price Index (CPI) report is a statistical analysis released by the U.S. Bureau of Labor Statistics (.gov) that measures changes in the prices of a basket of goods and services commonly purchased by urban households. The commentary in this report is not a complete analysis of every material fact with respect to any company, industry, or security. The opinions expressed here are not investment recommendations, but rather opinions that reflect the judgment of Horizon as of the date of the report and are subject to change without notice. Forward-looking statements cannot be guaranteed. We do not intend and will not endeavor to provide notice if and when our opinions or actions change. This document does not constitute an offer to sell or a solicitation of an offer to buy any security or product and may not be relied upon in connection with the purchase or sale of any security or device. Before investing, an investor should consider his or her investment goals and risk comfort levels and consult with his or her investment adviser and tax professional. Equities are represented by the S&P 500 Index, which is a market- capitalization-weighted index of the 500 largest U.S. publicly traded companies. Large caps, small caps, and internationals are represented here by broad-based indeces; contact us for more information. References to indices or other measures of relative market performance over a specified period of time are provided for informational purposes only. Reference to an index does not imply that any account will achieve returns, volatility, or other results similar to that index. The composition of an index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change. It is not possible to invest directly in an index.

This commentary is based on public information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Horizon Investments and the Horizon H are registered trademarks of Horizon Investments, LLC.

© 2025 Horizon Investments, LLC.

Follow us on:

You are now leaving this website to go to HorizonMutualFunds.com