This Weekly Financial Markets Update reviews the top market headlines: Existing Home Sales Slump, Stable Picture for Jobless Claims, Beige Book Highlights Uncertainty from Tariffs
  • U.S. existing home sales fell 5.9% in March from the prior month
  • Continued unemployment claims were 1.84 million in the week ended April 12th

Top Three Market Headlines

Existing Home Sales Slump: Sales of existing homes in the U.S. fell in March to a seasonally adjusted annual rate of 4.02 million, according to the National Association of Realtors (NAR), the slowest pace in seven months. This was 5.9% below the prior month and 2.4% below the level one year ago. While the inventory of homes available for sale has risen (up nearly 20% in March versus the prior year), sales activity has been hampered by higher mortgage rates (an average of 6.83% for a 30-year fixed rate mortgage as of April 17 according to Freddie Mac) and rising home prices (up 2.7% year-over-year), according to NAR.

Stable Picture for Jobless Claims: The U.S. Department of Labor reported last week that new claims for unemployment insurance in the week ended April 19th were 220,000 (seasonally-adjusted). While this was up from 216,000 in the preceding week, it was right on pace with the four-week moving average of 220,250 and was below the trailing one-year average of 225,808. Meanwhile, continued jobless claims fell to 1.84 million for the week ended April 12th, down from 1.88 million in the prior week and the lowest level since late January.

Beige Book Highlights Uncertainty from Tariffs: The Federal Reserve last week published the latest edition of its "Beige Book," a compilation of anecdotal information about the economy across the 12 Federal Reserve districts. In general, economic activity was reported as little changed across the country from early March, with employment conditions remaining stable. Uncertainty around the U.S. administration's trade policy was highlighted throughout the report, however. Companies across most districts reported expectations of rising supply costs from tariffs and are evaluating how to respond, whether by raising prices, cutting costs, or accepting lower profit margins.

As of April 25, 2025 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 4.00% -0.15% -1.48% 10.83%
S&P 500 4.60% -1.47% -5.68% 10.93%
Russell 2000 4.10% -2.65% -11.88% 0.17%
MSCI EAFE 2.85% 2.83% 9.89% 11.53%
MSCI Emerging Markets 2.71% -0.17% 2.75% 9.31%
FTSE NAREIT Equity 0.66% -3.86% -2.98% 13.11%
Bloomberg Commodity -0.19% -3.26% 5.32% 4.46%
Bloomberg U.S. Aggregate 0.69% -0.10% 2.68% 7.67%

WSJ 4/24/2025, U.S. Dept of Labor 4/24/2025, WSJ 4/24//2025, Thomson Reuters 04/23/25, NAR 4/24/2025, FactSet . Data from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory, named and independent fiduciary services are offered through Gallagher Fiduciary Advisors, LLC, an SEC Registered Investment Adviser. Gallagher Fiduciary Advisors, LLC does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. Gallagher Fiduciary Advisors, LLC is a single- member, limited-liability company, with Gallagher Benefit Services, Inc. as its single member. Neither Arthur J. Gallagher & Co., Gallagher Fiduciary Advisors, LLC nor their affiliates provide accounting, legal or tax advice. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your Gallagher Fiduciary Advisors consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.