Market Notebook

by Cory Haupt | May 18, 2025

Discussion –

PRICE ACTION:
Equity prices, as measured by the ticker SPY, closed higher, while bond prices, as measured by the ticker BND, closed lower over the last week.

SPY +5.29%
BND -0.12%

TECHNICAL ANALYSIS:
SPY price has recovered nicely over the past several weeks, clawing back towards the February highs.

BND price appears to be consolidating within a wide price range.

SENTIMENT:
U.S. trade policy continues to be a dominant factor in price volatility. With deals on the table, price recovery in equities appears underway. I would expect the real economy to lag the optimism in equity prices.

ECONOMY AND FUNDAMENTALS:
Economic fundamentals remain positive, with data suggesting the U.S. economy remains resilient in the face of trade-related turbulence.

All the best during the week ahead!

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Disclaimer: Nothing in this discussion should be considered investment advice. The content of this discussion is strictly my personal opinion and subject to change at a moment’s notice. Investment advice can only be provided to you by your investment professional and not by a general market discussion such as this one. If you wish to speak with an investment advisor, contact us. We can probably help.

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