The US dollar begins 2025 with its weakest start since 1973 while the Swiss franc approaches its 2011 high of 1.3125 against the dollar. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major U.S. stock indexes finished the holiday-shortened week higher. Small-caps index Russell 2000 outperformed (+3.5% over the week) followed by the Dow Jones (+2.3%). Both the S&P 500 and Nasdaq indices closed at all-time highs for the second week in a row. Much of the focus during the week centered around the progress of the Trump administration’s “Big Beautiful Bill”, which was narrowly passed by the Senate on Tuesday and by the House of Representatives on Thursday afternoon. Trade-related headlines also continued to flow during the week, with President Trump announcing a trade deal with Vietnam on Wednesday and making comments around negotiations with several other trade partners ahead of the upcoming July 9 tariff deadline, when the 90-day pause on reciprocal tariffs is expected to end.

ETF inflows surge, Nvidia reclaims top spot, and is Google leading the AI race? Each week, the Syz investment team takes you through the last seven days in seven charts.

US stocks rallied on the back of de-escalating tensions in the Middle East, dovish comments from several Federal Reserve officials, reports that the U.S. and China signed a new trade deal, and comments from several U.S. government officials indicating that more trade deals were close to the finish line. The S&P 500 Index and Nasdaq Composite, up 3.4% and 4.3%, respectively, both closed at record highs. On the macro side, Core PCE, Fed’s preferred inflation measure showed modest uptick in May, up 2.7% yoy. S&P Global reported that U.S. business activity expanded in June, albeit at a moderately slower rate than in May. U.S. Treasury yields decreased in response to some of the week’s softer-than-expected economic data as well as comments from several Fed officials indicating rate cuts could be on the table sooner than many have been anticipating.

Meanwhile, the Fed stays put at 4.25–4.5%, still pencilling in two rate cuts by year-end. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stock indexes finished the holiday-shortened week narrowly mixed, fluctuating throughout the week amid a slew of headlines regarding escalating tensions in the Middle East. Smaller-cap indexes performed best for the week, followed by the Nasdaq Composite, which posted modest gains. On Wednesday, the Federal Reserve kept the funds rate unchanged. The Fed’s Summary of Economic Projections showed that policymakers expect to make two interest rate cuts through the remainder of the year, unchanged from their previous projection; however, expectations for inflation and unemployment by the end of 2025 both rose, while projections for GDP growth declined. On Friday, Fed Governor Christopher Waller made comments suggesting the central bank could be in a position to cut rates as soon as July.

Meanwhile, we look into the proposed budget proposal of President Trump and a nuclear tech company with soaring stocks. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks declined during the week with the Dow Jones Industrial Average shedding 1.32% and dropping back into negative territory for the year. The S&P 500 Index and Nasdaq Composite fell to a lesser extent and remained positive year-to-date. Major indexes were broadly higher through Thursday, buoyed by some better-than-expected economic data releases as well as reports that trade talks between the U.S. and China had led to a preliminary agreement to ease recent trade tensions. However, sentiment quickly turned negative on Friday morning on news that Israel had launched a series of airstrikes targeting Iran’s nuclear facilities and military leaders, with a pledge of more attacks to come, to which Iran reportedly responded with a retaliatory attack later on Friday.

Plus, gold leaves its commodity counterparts behind as President Trump and Elon Musk feud. Each week, the Syz investment team takes you through the last seven days in seven charts.

Main U.S. equities indices closed higher for the 2nd week in a row. The Russell 2000 Index outperformed (up +3.2%), while the Nasdaq (+2.2%) and the Dow (+1.2%) both advanced to join the S&P 500 Index in positive territory for the year. At the sector level, Tech outperformed, due in part to upbeat sentiment around AI-related stocks. Tesla was a notable underperformer on the back of Trump-Musk breakdown. On the trade side, tensions between the U.S. and China continued to re-escalate and then eased on Thursday, as Trump and Xi Jinping held a phone call that “resulted in a very positive conclusion for both countries,” according to a social media post from Trump. The highlight of the week’s economic calendar arguably came from Friday’s closely watched US nonfarm payrolls report, which seemed to indicate the labor market is cooling but at a slower pace than many were anticipating. This helped offset the “Musk-Trump tantrum”.