Happy Sunday, and welcome to Benzinga’s financial advisor newsletter.

Today we're discussing inflation. Inflation remains the top financial concern for Americans, even as fewer people cite it compared to previous years. A record 53% of Americans say their financial situation is getting worse, with rising anxiety about retirement, healthcare costs, and maintaining their standard of living.

Plus, a look back at the last week of market activity.

INDUSTRY CHATTER

Inflation Still Tops Americans’ Financial Concerns, But Worries Are Shifting

It’s no surprise that money remains a major source of stress for many Americans. From rising living expenses to uncertainty about retirement, financial anxiety continues to weigh heavily on households — and it’s not just about what’s happening today, but about how secure people feel about their futures.

A recent Gallup survey offers new insight into what’s weighing on American households. Inflation remains the most-cited financial concern, named by 29% of respondents. That number is down from 41% in 2022 — a notable drop — but still much higher than pre-2021 levels.

It’s clear that people are still feeling the aftershocks of the inflation surge, even if price increases have slowed. The survey also found that housing costs and a general lack of money tied as the second-biggest concerns, each cited by 12% of Americans.

While inflation worries have eased, broader financial anxiety has not. A record-high 53% of Americans say their financial situation is getting worse, while just 38% say it’s improving. Nearly six in 10 are worried they won’t have enough for retirement or to cover major medical expenses. And 57% fear they won’t be able to maintain their current standard of living — a concern that’s grown 15 points since 2019.

The worry is widespread but varies by income. Middle-income households are the most likely to name inflation as their top issue. Lower-income households are more focused on making ends meet, while upper-income respondents are more concerned about investments and retirement planning.

So while inflation may no longer be dominating headlines, its impact continues to ripple through Americans’ wallets and confidence. Whether these concerns grow or ease will likely depend on the direction of economic policy, especially new tariffs and their potential to push prices higher again. For now, caution and concern remain the norm.

WEEKLY MARKET RECAP

US-China Trade Truce, Trump's Middle East Deals Spark Wall Street Rally

The U.S. and China agreed to de-escalate their trade war by cutting tariffs by 115 percentage points, bringing U.S. duties on Chinese goods down to 30%.

The announcement sparked a broad-based equity rally, with the S&P 500 climbing back to early March 2025 levels and erasing losses from President Donald Trump's “Liberation Day” tariff shock.

The improved trade outlook also prompted economists to cut recession odds and upgrade U.S. growth forecasts for the second half of the year.

S&P 500 Logs 5 Consecutive Winning Sessions

The SPDR S&P 500 ETF Trust closed 5% higher for the week, notching five straight sessions in the green.

Semiconductors kept powering higher. The iShares Semiconductor ETF rose nearly 10% on the week, logging its fourth straight week of gains and delivering its best monthly rally since 2020.

Yet, clean energy stocks – as tracked by the Invesco Solar ETF – outshined even chipmakers. Solar names surged after Republicans released a better-than-expected tax proposal on renewable energy credits. Shares of First Solar Inc. soared 27% for the week, leading the sector.

Trump’s Middle East Blitz Attracts $2 Trillion In Gulf Commitments

During his Middle East visit, President Trump secured around $2 trillion in trade and investment pledges from Gulf countries.

Saudi Arabia committed $600 billion in deals involving Boeing Co., Oracle Corp., Advanced Micro Devices Inc., Uber Technologies Inc., Alphabet Inc., GE Vernova and Johnson & Johnson.

Qatar followed with a $1.2 trillion package focused on energy and infrastructure, inking major contracts with GE Aerospace and Boeing.

The United Arab Emirates signed a $200 billion deal to import over one million AI chips from Nvidia Corp. and other initiatives with Exxon Mobil Corp., Qualcomm Inc. and Amazon.com Inc.

UNH In Free Fall, Consumer Inflation Concerns Hit 1980s Levels

Back on Wall Street, one corporate giant is facing deep losses in what's shaping up to be one of the worst crises in its history. UnitedHealth Group Inc. shares nosedived 27% this week, marking the company’s worst weekly performance since the 2009 financial crisis and extending a five-week losing streak.

CEO Andrew Witty resigned Tuesday citing "personal reasons," while the company suspended 2025 guidance due to surging medical costs. A U.S. Department of Justice criminal probe into alleged fraud in its Medicare Advantage program worsened investor fears.

On the macro front, April inflation data signaled softening price pressures, but retail sales dropped, reflecting consumer caution amid trade uncertainty. Inflation expectations are also heating up again.

The University of Michigan's survey showed the weakest sentiment since 2020 as the one-year consumer inflation outlook hit levels last seen in 1981.

THE WEEK AHEAD

Home Depot, Palo Alto Networks and Intuit report earnings, US initial jobless claims, new home sales, and more

Economic Data

• Monday: US leading economic indicators, European CPI

• Tuesday: US API crude oil stock, Australia interest rate decision

• Wednesday: US crude oil inventories, UK CPI

• Thursday: US initial jobless claims, manufacturing PMI and existing home sales

• Friday: US new home sales, German GDP

Earnings

• Monday: Trip.com Group Limited (TCOM), Ryanair Holdings (RYAAY)

• Tuesday: Home Depot (HD), Palo Alto Networks (PANW)

• Wednesday: Mitsubishi (MUFG), Lowe's (LOW), ZOOM (ZM)

• Thursday: Intuit (INTU), Workday (WDAY), Analog Devices (AD)

• Friday: Booz Allen Hamilton Holding (BAH), KT Corporation (KT)

Click here for the full calendar of economic data and earnings reports.

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