Meanwhile, Big Tech carries the S&P 500. 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 higher, boosted by dovish comments from some Fed officials and several weaker-than-expected economic reports that seemed to reinforce the idea that a December rate cut remains on track. Small-cap stocks outperformed their large-cap peers, as the Russell 2000 Index advanced 5.5%. The Nasdaq Composite also posted strong returns, rebounding from the prior week’s sell-off as concerns regarding elevated valuations and spending on AI appeared to take a back seat to optimism around the growth potential from the technology. In economic news, U.S. retail sales increased by 0.2% in September (below +0.4% estimates). September PPI rose 0.3% in September, in line with estimates.

Nvidia posts exceptional earnings, yet a dramatic Thursday sell-off raises questions: do investors still fear an AI bubble?

Despite some good news during the week from both corporate earnings reports and government economic data, U.S. equity markets finished the week lower. The sell-off appeared to be driven by worries about lofty stock valuations and concerns around whether AI will generate enough profits to justify the massive spending that companies have poured into supporting the developing technology. The Nasdaq Composite had the largest losses, while the Russell 2000 held up better but still lost ground. The S&P 500 Index finished about 4.4% lower than the record high it achieved in late October. A rebound on Friday helped ease the losses that the major benchmarks suffered earlier in the week.

Meanwhile, quantitative easing might be making its comeback. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks ended the week mixed. The Dow and S&P 500 saw slight gains, while the Nasdaq, S&P MidCap 400, and Russell 2000 declined. Through most of the week, markets fell as investors rotated out of high-growth and AI-related stocks due to valuation concerns. A volatile Friday helped some indexes recover. The longest U.S. government shutdown ended Wednesday after President Trump signed a temporary funding bill. Although this removed a key market headwind, stocks still dropped Thursday as uncertainty remained about the return to normal operations. Economic data releases became a focal point, with the BLS delaying some reports but confirming the September jobs report will come out on November 20. Comments from multiple Fed officials signaled caution and a preference to keep policy restrictive due to lingering inflation risks.

Meanwhile, we explain fiscal dominance and the global shift in nuclear power. Each week, the Syz investment team takes you through the last seven days in seven charts.

Despite a modest rebound on Friday afternoon, all major US equity indices declined over the week. The Nasdaq underperformed and recorded its weakest weekly performance since the sharp post–Liberation Day decline in early April. The market pullback can be explained by a number of factors: growing unease surrounding artificial intelligence developments, signs of labor market softening, ongoing tariff hearings, a lack of meaningful economic data, rising concerns over private credit, and persistently hawkish commentary from Federal Reserve officials. The U.S. federal government shutdown reached the longest on record during the week, which also appeared to weigh on broader sentiment.

The Fed flinches, the bull runs, and the AI boom isn’t slowing, with NVIDIA claiming 8% of the S&P 500. Each week, the Syz investment team takes you through the last seven days in seven charts.

The Nasdaq Composite led gains, driven by strength in mega-cap tech firms benefiting from AI-related spending. Market gains were narrow — the S&P 500 rose even though most sectors fell, and the equal-weighted index lagged by 2.7%. About two-thirds of S&P 500 companies have reported earnings and 83% are beating expectations. Results from the “Magnificent Seven” were mixed: Microsoft, Apple, and Meta fell post-earnings, while Amazon and Alphabet rose. NVIDIA’s shares surged, briefly pushing its market value above $5 trillion. U.S. President Donald Trump and China’s President Xi Jinping agreed to a one-year trade truce, easing tensions between the two nations. The deal included U.S. tariff reductions, China suspending export controls on rare earths, and resuming purchases of U.S. agricultural goods. Meanwhile, the Federal Reserve cut interest rates by 25 basis points to 3.75%–4.00%, as expected, but signaled caution on further cuts.