The Lowry Letter® - 5/3/2025

May 03, 2025

Brad McMillan provides his May 2025 Market Thoughts here, and the recap is helpful. Earnings continue to be positive for most reporting companies.

Tariff talk continues to dominate, but there is other good news. April hiring numbers remained strong, a bit lower than March, but still better than expected. The unemployment rate is unchanged.

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If you missed our recent webinar, you can find it here: Ask the Joes® & Cale (April 2025)
Q: Besides tariffs, are there other things playing a role in market movement?
A: Consumer confidence is lower, giving a sense for how people feel about policy uncertainty. Economic output shrunk slightly in the first quarter, but a lot of this can be attributed to high levels of imports. This was probably caused by individuals and companies trying to get ahead of tariff policy.
For long-term investors, earnings are an important indicator and they continue to be positive, for the most part. If there is more policy clarity, we expect positive investor reactions.