This Weekly Financial Markets Update reviews the top market headlines: U.S. Stocks Enter Correction Territory, Gold Hits New All-Time Highs, Inflation Cools in February
  • The S&P 500 index is down 3.9% year-to-date
  • Gold futures surpassed $3,000.00 per ounce for the first time ever
  • The core CPI fell to a 3.1% annual rate in February

Top Three Market Headlines

U.S. Stocks Enter Correction Territory: The S&P 500 index last week registered a correction, defined as a 10% decline from recent highs. The index closed last Thursday at 5,521.52, down 10.1% from its close on February 19th. The S&P managed to rebound 2.1% on Friday but still finished off more than 2% on the week, which left it down nearly 4% on the year. The Nasdaq Composite index has endured an even weaker run over the same period, officially falling into a correction last Monday and losing nearly 14% from February 19th through last Thursday. After rebounding on Friday, the Nasdaq was off nearly 8% on a year-to-date basis. Similarly, the Russell 2000 index also entered a correction last Monday and was down more than 8% on the year through Friday.

Gold Hits New All-Time Highs: While stocks have struggled of late, gold has rallied to new highs. Futures prices for the metal gained 3% last week and pushed above $3,000.00 per ounce for the first time ever. On the year, gold futures have surged nearly 14%. Investors have piled into gold as a safe haven asset amid the turmoil in other financial markets and escalating economic uncertainty. Continued central bank demand has also been a driver, with China building its bullion reserves for a fourth straight month in February.

Inflation Cools in February: The U.S Department of Labor reported last week that the Consumer Price Index (CPI) increased 0.2% in February from the prior month, the slowest rate in the last four months. Compared to the prior year, the CPI rose 2.8%, down from a 3.0% pace in January. The "core" CPI, which excludes food and energy items, also increased by 0.2% in February; the annual core rate fell to 3.1%, the lowest reading since April 2021. Similar trends were seen in the Producer Price Index (PPI), which was flat in February versus the prior month and up 3.2% over the prior year, down from a 3.7% rate in January.

As of March 14, 2025 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World -1.83% -0.37% -0.37% 9.83%
S&P 500 -2.23% -3.85% -3.85% 10.96%
Russell 2000 -1.45% -8.11% -8.11% 2.00%
MSCI EAFE -1.11% 9.41% 9.41% 8.40%
MSCI Emerging Markets -0.74% 4.46% 4.46% 9.30%
FTSE NAREIT Equity -2.96% -0.46% -0.46% 11.07%
Bloomberg Commodity 0.19% 7.14% 7.14% 11.17%
Bloomberg U.S. Aggregate -0.06% 2.08% 2.08% 5.09%

US Dept of Labor 3/12/2025, 3/13/2025, Reuters 3/14/2025, 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.