Higher rates pushed by inflation fears and hawkish central banks, but resilient credit and EM spreads

Meanwhile, nearly half of Google’s quarterly profit driven by mark-to-market gains on private AI investments. Each week, the Syz investment team takes you through the last seven days in seven charts.

The S&P 500 closed at a fresh all-time high on Friday, rising for a 5th consecutive week, its longest weekly winning streak since 2024. This brings the index up +15% since the March 30 low, also marking April as the best month for stocks since November 2022. Stocks largely shrugged off the stream of sometimes conflicting headlines about the war in the Middle East and a surprisingly hawkish Federal Reserve policy meeting to post solid gains in most major indexes. Large-cap stocks outpaced small-caps, and value outperformed growth. Five of the “Mag 7” companies reported earnings, with financial results generally meeting or exceeding expectations for these bellwether firms. Meanwhile, major central banks keep rates on hold amid war uncertainty.

Fed meeting/FOMC decision from 29 April 2026

OpenAI is reportedly building an AI-first smartphone to challenge Apple's mobile dominance.

The UAE's exit from OPEC is one of those events whose true significance only becomes clear over time.

Fixed Income markets face downward pressures from higher inflation expectations

Global oil inventories plumet while trillionaire AI companies soar. Each week, the Syz investment team takes you through the last seven days in seven charts.

Most major U.S. stock indexes finished the week higher, with several hitting record highs. Positive economic data, ongoing strength in AI-linked stocks, and upbeat earnings results helped offset continued uncertainty surrounding the U.S.-Iran conflict. The technology-heavy Nasdaq Composite led gains, followed by the S&P 500 and Russell 2000 Indexes. The Dow Jones Industrial Average declined. With nearly 20% of the S&P 500 companies reporting during the week, 84% of S&P 500 companies that had reported through Friday beat estimates, with a blended yoy earnings growth rate of 15.1%—on pace for a sixth consecutive quarter of double-digit growth.

Fixed Income markets extend their April rebound, still driven by strong EM debt performance