The S&P 500 index fell 2.6% last week, pushing the market benchmark back into the red for the year, amid a fresh round of tariff threats from the Trump administration.
The market benchmark ended the week at 5,802.82, a measure still in positive territory for May with a month-to-date gain of 4.2%, but it is now down 1.3% for the year-to-date.
Last week, a relief rally had put the S&P 500 in the black for the year for the first time in months. The year-to-date gain was short-lived as worries about tariff impacts sent the index back into the red. President Donald Trump threatened to place a 50% tariff rate on goods from the European Union and said Apple (AAPL) might have to pay a tariff of at least 25% for iPhones manufactured abroad.
All of the sectors fell on a weekly basis. The energy sector had the largest percentage drop, sliding 4.4%, followed by a 3.5% decline in technology, a 3.3% drop in real estate and losses of 3.1% each in consumer discretionary and financials. The smallest decline was logged by consumer staples, which edged down 0.4%.
This week is a short week, as the markets were closed yesterday for Memorial Day. Economic data expected for the rest of the week include April consumer spending and personal consumption expenditures, May consumer confidence and consumer sentiment, and the first revision to Q1 gross domestic product, among other reports.
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