First Week of June 2025

THE WELL-TH NOTES

Weekly data-driven insights on the markets and economy

1. Markets mint new millionaires

The U.S. added 562,000 new millionaires in 2024, the largest global increase, according to Capgemini’s World Wealth Report released on Wednesday. The surge was fueled by a booming stock market, with Nvidia alone accounting for 22% of the S&P 500’s gains. As Gen X, millennials, and Gen Z prepare to inherit $83.5 trillion, wealth managers face a rapidly evolving landscape.^[i]

2. JOLTS: Hiring, layoffs rise

U.S. job openings rose by 191,000 in April to nearly 7.4 million, exceeding expectations, while hiring increased to 5.6 million and layoffs climbed to 1.79 million. The quits rate, often viewed as a sign of worker confidence, declined by 150,000 to 3.2 million. The ratio of job openings to unemployed workers held steady at 1.03 to 1, according to the latest JOLTS report released Tuesday.^[ii]

3. Clock’s ticking on trade

The Trump administration pressured trade partners to submit their best offers by Wednesday as it races to finalize deals before a self-imposed July 8 deadline. Despite promises of progress, only one limited agreement—with Britain—has been reached so far, while legal challenges swirl around the president’s sweeping tariff policies.^[iii]

4. Uncertainty undermines outlook

The Organisation for Economic Co-operation and Development (OECD) downgraded its U.S. and global growth forecasts on Tuesday, citing heightened trade uncertainty stemming from President Trump’s tariff policies. U.S. growth is now projected at 1.6% in 2025, while global GDP is expected to slow to 2.9%, with inflationary pressures rising, particularly in the U.S. Despite these challenges, the OECD sees potential for a productivity revival if trade barriers are eased and investment rebounds.^[iv]

5. AI to drive Meta ads

Meta announced plans on Monday to roll out fully AI-generated and targeted ads by the end of 2026, allowing brands to input a product image and budget while the platform handles creative and audience targeting. The company’s AI tools already personalize ad visuals and messaging across Facebook and Instagram for its 3.43 billion global users.^[v]

6. Bristol Myers Squibb bets big

Bristol Myers Squibb has announced a partnership on Monday with Germany’s BioNTech worth up to $11.1 billion to co-develop BNT327, a next-generation cancer immunotherapy targeting solid tumors. The deal includes $3.5 billion in upfront payments and aims to challenge Merck’s blockbuster drug Keytruda by combining immune activation with tumor blood supply disruption.^[vi]

^[i] Spirlet, Thibault. “The US gained 562,000 millionaires last year as the stock market soared.” MSN, 4 June 2025, https://www.msn.com/en-us/money/markets/the-us-gained-562-000-millionaires-last-year-as-the-stock-market-soared/ar-AA1G4VO2?ocid=finance-verthp-feeds. Accessed June 3, 2025.
^[ii] Cox, Jeff. “Job openings showed surprising increase to 7.4 million in April.” CNBC, 3 June 2025, https://www.cnbc.com/2025/06/03/job-openings-showed-surprising-increase-to-7point4-million-in-april.html. Accessed May 28, 2025.
^[iii] Renshaw, Jarrett. “Exclusive: US pushes countries for best offers by Wednesday as tariff deadline looms.” CNBC, 3 June 2025, https://www.reuters.com/business/us-pushes-countries-best-offers-by-wednesday-tariff-deadline-looms-2025-06-02/. Accessed June 3, 2025.
^[iv] Kiderlin, Sophie. “U.S. growth forecast cut sharply by OECD as Trump tariffs sour global outlook.” CNBC, 3 June 2025, https://www.cnbc.com/2025/06/03/us-growth-forecast-cut-further-by-oecd-as-trump-tariffs-sour-outlook.html. Accessed June 3, 2025.
^[v] “Meta aims to fully automate advertising with AI by 2026, WSJ reports.” Reuters, 2 June 2025, https://www.reuters.com/business/media-telecom/meta-aims-fully-automate-advertising-with-ai-by-2026-wsj-reports-2025-06-02/. Accessed June 2, 2025.
^[vi] Burger, Ludwig and Erman, Michael. “Bristol Myers agrees up to $11.1 billion deal with BioNTech to shake up cancer immunotherapy.” Reuters, 2 June 2025, https://www.reuters.com/business/healthcare-pharmaceuticals/bristol-myers-pay-15-billion-upfront-biontech-cancer-drug-partnership-2025-06-02/. Accessed June 2, 2025.