US inflation is accelerating, yet Treasury yields are tumbling, raising fresh questions about bond market risks as hyperscaler debt issuance surges. Each week, the Syz investment team takes you through the last seven days in seven charts.

US inflation accelerated to 3.7% in September as energy costs jumped, up from 3.4% for two months, with core CPI at 2.6% year on year versus 2.5% expected. Producer prices posted their biggest rise in 4½ years and retail sales beat expectations. October hike odds spiked, then faded after Mary Daly signalled no need to move at the 27–28 October meeting; markets now see a 91% chance of a December hike. On the geopolitical side, attacks around the Strait of Hormuz surged, with Iran stepping up strikes in response to the US blockade of its ports. Ukraine hit a Russian refinery after Kyiv abandoned the Trump-brokered energy ceasefire. Brent tested $110 and WTI traded at $101. Oil eased but recorded a small weekly gain amid Mideast supply focus. In equity markets, AI financing fears hit tech. CoreWeave’s slump triggered a global rout in AI stocks.

Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. 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 amid volatility in artificial intelligence (AI)-related stocks, developments in the Middle East, and sharp moves in energy prices and Treasury yields. The S&P 500 Index advanced 1.15%, while the Dow Jones Industrial Average and Nasdaq Composite added 0.93% and 0.64%, respectively. Conversely, the Russell 2000 Index declined. At the sector level, consumer staples, utilities, and energy led performance, while industrials and information technology stocks declined. Oil prices were volatile throughout the week as investors weighed developments in the Middle East and the outlook for energy supply.

Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. equities ended mixed as weaker employment data reduced expectations for an October Fed hike, while elevated Treasury yields, volatile oil prices, and U.S.-Iran tensions weighed on sentiment. The Nasdaq and S&P Mid Cap 400 advanced; the Dow and S&P 500 declined. On the macro data front, September payrolls rose just 29,000, versus 90,000 expected. Prior months were revised down by 60,000, and unemployment increased to 4.2%. Treasury yields fell following the release but remain higher on the week. Other macro indicators were mixed: private hiring improved, vacancies declined, and jobless claims remained low. Inflation stayed sticky, with headline PCE at 3.4% annually and core PCE at 3.0%. Second-quarter GDP growth was revised up to 2.2%, while underlying private demand expanded 4.6%. Manufacturing grew for a ninth consecutive month, with the ISM PMI at 54.5.

Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts.

The S&P 500 rose despite inflation and interest rate concerns. Gains were concentrated in technology and communication services, supported by strong uptake of Meta’s consumer AI agent and expectations of greater computing demand. Utilities and energy lagged, large-cap growth outperformed value, and the Russell 2000 declined. U.S. economic data remained strong. September’s composite PMI rose to 58.4 from 58.0, a 62-month high, while both initial and continuing jobless claims came in below expectations. Alongside hawkish Fed comments and reports of possible restrictions on U.S. diesel exports, the data reinforced inflation concerns and expectations of further rate increases. US Treasuries sold off after a weak five-year auction cleared at 5.033%, the highest yield since 2006.

Meanwhile, bond yields are rising across major markets. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. markets finished a volatile week mixed, caught between rising energy costs, a more hawkish Fed and renewed strength in AI stocks. The Nasdaq outperformed as semiconductor and other AI-related shares recovered from an early sell-off, while the Dow and small caps declined. Growth stocks also held up better than value. The Fed raised its policy rate by 25 basis points to 3.75%–4.00%, its first increase since 2023. The unanimous vote was more hawkish than many expected, and policymakers signaled another increase before year-end. Earlier in the week, the 10-year Treasury yield briefly reached 5.04%, its highest level since 2007, before easing after the decision. Oil added to the market’s uncertainty. Attacks on Saudi energy infrastructure initially pushed crude prices higher, while record U.S. diesel prices sharpened inflation concerns.