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Market Recap
WEEK OF APR. 14 THROUGH APR. 18, 2025
The S&P 500 index fell 1.5% last week as declines in technology, consumer discretionary and communication services outweighed gains in other sectors. With markets closed on Friday to observe Good Friday, the index finished the trading week at 5,282.70. The index is in the red for the month, down 5.9% for April and 10% from where it ended 2024.
US President Donald Trump called for the termination of Federal Reserve Chair Jerome Powell, adding to investors' concerns for the week. The president said in a social media post on Thursday that Powell should "certainly" lower interest rates. "Powell's termination cannot come fast enough," Trump said.
This came after Powell on Wednesday said tariffs are "highly likely" to generate at least a temporary increase in inflation, though price pressures may be more persistent. "We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension," Powell said.
March housing starts declined by 11% compared to a month earlier to a 1.32 million annual rate, according to the US Census Bureau, compared with the 1.42 million estimate compiled by a Bloomberg survey.
Technology had the largest percentage drop, sliding 3.7%, followed by a 3.2% decline in consumer discretionary and a 2.9% loss in communication services. Health care also fell, slipping 1.2%.
Among technology stocks, Nvidia (NVDA) fell 8.6%. The company said it expects a $5.5 billion charge in fiscal Q1 linked to its H20 product line after the US government said it must secure an export license for China, Hong Kong, Macau and D5 countries.
Advanced Micro Devices (AMD) shares also fell, shedding 6.4%, as the company also faces new restrictions on exporting advanced microchips, used for artificial intelligence applications, to China.
Amazon.com (AMZN) was hit hardest in the consumer discretionary sector, falling 6.6%. Chief Executive Andy Jassy said Thursday its network of third-party sellers may pass the cost of Trump's tariffs on to consumers, CNBC reported.
The real estate and energy sectors of the S&P 500 were the top gainers this week, up 3.9% and 3.2%, respectively.
In real estate, Prologis (PLD) was up 6.1%. The company reiterated its 2025 guidance after first-quarter results surpassed Wall Street estimates while pointing out that policy uncertainty is making customers "more cautious."
APA (APA) was one of the top performers in the energy sector, gaining 7.2%. The company named Ben Rodgers as chief financial officer, starting May 12. Rodgers, who succeeds Stephen Riney, has worked at APA since 2018, most recently as its senior vice president for finance and treasurer. Riney will continue in his role as president, overseeing asset development and operations, the company said.
Earnings reports expected this week include Alphabet (GOOG, GOOGL), Procter & Gamble (PG), AbbVie (ABBV) and Tesla (TSLA).
Economic data will include March new home sales, durable goods orders and the S&P April US services and manufacturing purchasing managers' indexes.
