S&P 500 steady as US debt soars past defence spending. Each week, the Syz investment team takes you through the last seven days in seven charts.

A rally on Friday couldn’t spare US stocks from weekly losses. The Dow fell roughly 3.1% for its worst week since March 2023. The S&P 500 and the Nasdaq both dropped more than 2% and posted their fourth consecutive losing week. Ongoing uncertainty surrounding trade policy seemed to drive much of the negative sentiment as new tariff announcements continued throughout the week. Growth concerns and increasing recession fears—which were amplified by comments from President Trump regarding a “period of transition” for the U.S. economy—also weighed on sentiment during the week.

ReArm Europe’s €800bn defence plan is boosting European defense stocks while Germany’s historic debt move sends bond yields to their worst drop since 1990. Each week, the Syz investment team takes you through the last seven days in seven charts.

Stocks suffered their worst week in six months as an avalanche of geopolitical and macro-economic headlines crossed paths with an ugly technical situation. The S&P 500, Nasdaq and Russell 2000 indices all fell by over 3%, while the Dow Jones shed 2.37%, erasing most of its year-to-date gains. Ongoing uncertainty around trade policy remained a focal point throughout the week. Macro data shows manufacturing growth slowing while services activity is accelerating. The U.S. economy added 151,000 jobs in February, slightly below expectations but ahead of January’s reading of 125,000. In Europe, the STOXX Europe 600 Index ended 0.69% lower, snapping 10 weeks of gains.

Nvidia crushes expectations, bitcoin reacts to liquidity crunch, and the Fed’s recession alarm blinks red! Each week, the Syz investment team takes you through the last seven days in seven charts.

Most U.S. stock indexes declined for the 2nd consecutive week, although the Dow finished 0.95% higher, adding to its year-to-date outperformance versus the other major indexes. Growth stocks significantly underperformed, and the Nasdaq recorded its worst weekly drop since early September as shares of NVIDIA fell 8.5% on Thursday following the chipmaker’s highly anticipated earnings report. Tariff fears also continued to be a drag on equities as President Trump reiterated plans to impose new levies on several trade partners by March 4. On the macro side, the US core personal consumption expenditures (PCE) price index rose by 0.3% in January, in line with expectations.

Flash note

The EU’s most costly budgets, bitcoin’s market swings, and rising US bankruptcies. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major equity indexes declined during the week after the S&P 500 closing at record highs on Tuesday and Wednesday. However, indexes retreated sharply in the latter half of the week. Many of the week’s headlines centered around tariff news and amid President Trump’s efforts to end the Russia-Ukraine conflict. Investor’s sentiment worsened on Thursday partially due to Walmart’s Q4 earnings report. While the retailer beat estimates for the quarter, its guidance for the year ahead fell short, which led to concerns regarding consumer spending and the health of the overall economy. Elsewhere, the S&P Global flash Composite PMI reading came in at a 17-month low of 50.4.

Global stocks outshine US in 2025 so far and Ukrainian peace talks spark economic momentum. Each week, the Syz investment team takes you through the last seven days in seven charts.