Geopolitical uncertainty affected stocks last week, as the historic summit between the U.S. and North Korea began to look less likely. On Thursday, May 24th, President Trump announced that the summit was off, and stocks stumbled in reaction. The next day, Trump said the meeting might still occur next month, leaving investors questioning the eventual outcome.
Domestic indexes posted strong results on Friday, May 4th, as the latest labor report data lessened investors' concerns about inflation and interest rates. Nonetheless, stocks had mixed results last week. The S&P 500 dropped 0.24% and the Dow gave back 0.20%, which marked both indexes' 2nd week of losses in a row. Thanks to a bounce in tech stocks, however, the NASDAQ gained 1.26%.
Domestic stocks lost ground last week as trade war concerns continued to rattle investors. With these declines, the Dow officially moved back into correction territory. For the week, the S&P 500 lost 1.43%, the Dow dipped 0.5%, and the NASDAQ dropped 2.11%. International stocks in the MSCI EAFE managed a 0.38% increase.