Market Review: Stocks Retreat on Fed Caution and Trade Uncertainty

The week’s winners were companies whose earnings exceeded analysts’ estimates, while pharmaceutical and health care stocks continued to decline.

A trader works on the floor of the New York Stock Exchange in New York City on May 8, 2025. Timothy A. Clary/AFP via Getty Images

U.S. stocks edged slightly lower this week, ending a nine-day winning streak that pushed the S&P 500 Index and Dow Jones Industrial Average within 5 percent of their all-time highs last fall. Market activity was dominated by headlines on monetary and trade policies, overshadowing the ongoing flow of earnings.

The S&P 500 ended May 9 at 5,659, down by 0.47 percent for the week. The Dow fell by 0.16 percent to close at 41,249. The Nasdaq dropped by 0.27 percent to 17,928, while the Russell 2000 rose by 0.12 percent to close at 2,023.