US stocks sold off on, led by chips. The S&P 500 fell 1.6% on the week, the Nasdaq 2.9% and the Dow 0.9%. The VanEck Semiconductor ETF (SMH) dropped almost 9%, its third weekly decline in four weeks, and the SOX sits roughly 18–20% below its June highs. Among the reasons, Beijing-based Moonshot AI's Kimi K3, a 2.8-trillion-parameter open-weight model that reportedly matched or outperformed several leading US models, trailing only Anthropic's Claude Fable 5 and OpenAI's GPT-5.6. Investors read it as a second "DeepSeek moment," reviving doubts about US AI capex and chip valuations. The Tech rout spread across Asia with both Japan and Korea momentum unwinding.

Meanwhile, corporate leadership is evolving rapidly: only 135 of the S&P 500 constituents from 1996 are still in the index today, while the EU goods trade deficit with China is close to a record €376bn. Each week, the Syz investment team takes you through the last seven days in seven charts.

Equities ended a volatile week higher, with indices clawing back losses from the collapsed Iran ceasefire. The S&P 500 and the Nasdaq both notched weekly gains of more than 1%; the Dow slipped roughly 0.5% on the week. Semiconductors again led. Meta jumped about 15%, its best week since early 2024. Friday's marquee event was SK Hynix's Nasdaq debut, which opened around 14% above its $149 ADR price after a seven-times-oversubscribed, $26.5bn offering. Europe was subdued, with the Stoxx 600 near flat. The 10-year Treasury yield settled around 4.55%, easing modestly by the end of the week as oil retreated. June Fed minutes showed only a few members favoring a hike, but markets still price at least one increase by year-end — a hawkish tilt reinforced by AI-driven demand concerns.

Meanwhile, Trump’s personal crypto earnings in 2025 topped the combined profits of every publicly listed US crypto company. 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 mixed, with the Nasdaq, S&P 500, and the Dow Jones advancing while the Russell 2000 declined. We note that Momentum stocks fell 18% on Wednesday & Thursday. U.S. markets were closed on Friday in observance of the Independence Day holiday. On the macro front, the U.S. economy added 57,000 jobs in June, missing estimates (110,000) and marking the softest reading since February’s negative print. Prior months were also revised lower. The unemployment rate ticked down to 4.2%. Following the report, the probability of a rate hike at the Fed’s July meeting dropped from around 29% to about 18%, according to the CME FedWatch tool. On Wednesday, private payrolls firm ADP also reported that private employers added a lower-than-expected 98,000 jobs in June, down from 122,000 in May.

Just months ago, consensus called for a weaker dollar and higher gold & silver. Five months later, everything changed. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major U.S. stock indexes finished the week mixed, as renewed weakness in large-cap tech and AI-related shares weighed heavily on the Nasdaq and S&P 500 Index, while the small-cap Russell 2000 Index and Dow advanced 1.01% and 0.60%, respectively. As measured by Russell indexes, large-cap value stocks outpaced their growth counterparts by 368 basis points, while the equal-weighted S&P 500 Index also solidly outperformed its market cap-weighted peer. On the US macro side, PCE inflation accelerated but spending and income rose. June business activity improved as GDP growth was revised higher.

Meanwhile, retail investors are piling into SpaceX at an unprecedented pace, even as a massive wave of new supply could hit the market next summer. Each week, the Syz investment team takes you through the last seven days in seven charts.

Most major U.S. stock indexes closed the holiday-shortened week higher, with sentiment broadly supported by news that the U.S. and Iran had signed a memorandum of understanding, clearing the path toward reopening the Strait of Hormuz and helping push oil prices lower (worst week in 2 months). Of the major US equities indexes, the Nasdaq Composite performed best, advancing 2.4%, followed by the Russell 2000 and S&P 500, which added 1.2% and 0.9%, respectively. U.S. markets were closed on Friday in observance of the Juneteenth holiday. The Federal Reserve left the federal funds rate target range unchanged at 3.50% to 3.75% on Wednesday, as widely expected. However, the central bank’s updated Summary of Economic Projections and Chair Kevin Warsh’s first post-meeting press conference were largely interpreted as leaning hawkish, triggering a sell-off in stocks and a rise in short-term Treasury yields on Wednesday afternoon.

After more than three months of war and a global energy shock, the United States and Iran have reached a peace deal.