April 21, 2025

Happy Easter and Passover.

Here are the numbers from the holiday shortened last week, The S&P 500 lost 2.93%, the Dow Jones Industrial Average lost 3.46%, and the Nasdaq surrendered 4.87%. Internationally, the FTSE 100 had a good week, up 4.58% and the MSCI-EAFE gained 2.62%. The 2-year Treasury paid 3.75% and the 10 Year yield was 4.346%.

Hope you enjoyed your holiday and as a fond memory, On April 20,1986 Chicago Bulls superstar Michael Jordan set an NBA playoff record, scoring 63 points in Game 2 of their match against the Boston Celtics—still the record as the 2025 NBA playoffs begin this weekend.

This week will be the heart of earnings week and should give the market some gas or additional pause. A number of trade negotiations results will start being announced late next week eyes are on Japan, Korea, and India as I explained you last week, China cannot sustain a prolonged trade war with the US as we buy 4-5 times what they buy from us. By definition, that is leverage. So far, despite the noise from the politicians and media, the majority of Americans are willing to give the President some time to see if his strategies are correct.

So, the next several months will be more of the same, volatility and bombastic predictions of doom. Please remember the US Economy is very resilient and still the standard bearer for economic growth and prosperity.  Remember, those that keep their heads when others are losing theirs always end up the winner.

As I am traveling back to Chicago today, this is short and sweet, I will resume next Monday with our weekly comments, and we should have much to talk about next Monday.

Thank you for your understanding,

Mike