This Weekly Financial Markets Update reviews the top market headlines: Fed’s Favored Inflation Index Ticks Higher, U.S. Home Prices Soften,
  • The PCE Price index rose 2.3% annually in May
  • Home prices across the top 20 U.S. markets fell 0.3% in April
  • Platinum prices surged to over $1,400.00 per ounce last week

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Top Three Market Headlines

Fed's Favored Inflation Index Ticks Higher: The U.S. Bureau of Economic Analysis announced last week that the Personal Consumption Expenditures (PCE) price index, reported to be the Federal Reserve's preferred inflation reading, rose 0.1% in May from the prior month, similar to its increase in April. Compared to the prior year the index rose 2.3%, marginally above April's 2.2% pace. During this stretch, prices for goods increased 0.1% while prices for services jumped 3.4%. On a "core" basis (excluding food and energy), prices were up 0.2% in May and 2.7% on an annual basis, the latter a tick higher than April's 2.6%.

U.S. Home Prices Soften: U.S. home prices showed signs of cooling again in April, with the S&P CoreLogic Case-Shiller National Home Price Index falling 0.3% (seasonally adjusted). This was the second straight month of price declines after the index had increased for 24 consecutive months. On a year-over-year basis, prices rose just 3.4%, the slowest pace since mid-2023. 15 out of 20 metropolitan areas saw monthly price declines in April, led by San Francisco (-1.2%), Los Angeles (-1.1%), Phoenix (-0.9%) and Seattle (-0.9%).

Platinum Prices Approach 11-Year High: After hovering between $850 and $1,100.00 per ounce over the last four years, platinum prices have broken out over the last few weeks. Futures prices for the metal settled last Thursday at $1,415.00 per ounce, up more than 50% on the year and the highest price since August 2014. On the futures market, forward rates were trading below the spot price, an indication of tight market conditions. The rally has been attributed to supply concerns and increased speculative buying from the U.S. and China, where stockpiles are increasing due to fears of tariffs, rising demand for platinum jewelry, and potential arbitrage opportunities.

Please note: There will be no Weekly Financial Markets Update published next week. We would like to wish everyone a happy Independence Day!

As of June 27, 2025 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 3.31% 11.14% 9.67% 15.52%
S&P 500 3.45% 10.36% 5.65% 14.11%
Russell 2000 3.01% 8.32% -1.95% 8.05%
MSCI EAFE 3.10% 11.73% 19.39% 17.71%
MSCI Emerging Markets 3.35% 12.48% 15.77% 16.27%
FTSE NAREIT Equity -1.04% -1.69% -0.80% 9.18%
Bloomberg Commodity -3.53% -2.29% 6.39% 6.29%
Bloomberg U.S. Aggregate 0.68% 0.85% 3.65% 5.22%

Bloomberg 6/25/25,BEA 6/27/25,WSJ 6/24/25, S&P Global 6/24/2025, FactSet. Data from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA 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. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.