For the week ending May 23, 2025.

Gold led all asset classes with a strong gain as investors moved toward safe-haven assets, while modest commodity strength and a weaker U.S. dollar supported real and international asset classes.

U.S. Equity Markets

Markets stumbled last week, and the pain was felt across nearly every corner of U.S. equities. Small caps were hit the hardest, with Small Cap Value plunging 4.7% and Small Cap Core following closely behind. Mid caps weren’t spared either—Mid Value and Mid Growth both lost well over 3.5%, a clear sign that investors were shying away from risk. Large caps managed to lose a less ground, but not by much; all major large-cap styles posted declines of at least 2.4%, with Large Value leading the downside.

Sector Performance

Energy stocks took a sharp 4% hit, likely tied to volatile crude prices and ongoing macro pressures. Tech was down more than 3%, Financials nearly 3%, and Consumer Discretionary wasn’t far behind. Even Healthcare, which typically offers some shelter in a drawdown, slipped over 2%. The only sectors that managed to hold up reasonably well were Consumer Staples—down just half a percent—and Utilities, which dipped modestly.

bond markets

Bonds were somewhat more stable, but still mildly negative—Core bonds lost about 0.4%, and High Yield shed 0.65%. Interestingly, it was international assets that showed some strength.

Global Markets

European and Pacific equities posted gains, and international bonds actually rose by over 2%, helped in part by a weaker dollar. Emerging Latin America didn’t follow suit, slipping slightly.

Alternative Assets

Gold stood out as the clear outperformer, advancing over 5% for the week as investors sought defensive positioning amid widespread stock weakness. Broader commodity markets also finished modestly higher, thanks to the shift in sentiment. Meanwhile, the U.S. dollar lost nearly 2%, providing additional support to both international equities and real assets.