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.

The Nasdaq was the week's best performing major equity index (up almost 3%) followed by the S&P 500. The laggard was Small Caps which ended the week unchanged. Growth stocks outperformed value shares as Technology, Energy, & Materials all outperformed with only the Healthcare sector in the red for the week. Stocks had their best day of the week on Thursday, largely in response to President Donald Trump’s decision to not introduce new global tariffs, instead signing an order that—following further study—could lead to the implementation of reciprocal tariffs on a country-by-country basis by April 1.

More trade war tariffs have been collected under Biden than Trump, but US tariffs remain among the lowest in the developed world. Meanwhile, gold prices hit new highs. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major US stocks indexes declined during the week, although the S&P 500 Index held up best, falling just 0.2%. Stocks opened sharply lower to start the week in response to the prior Friday’s announcement from Trump stating that the U.S. would be implementing 25% tariffs on imports from Mexico and Canada, along with 10% levies on Chinese imports, as of February 1. However, by the end of Monday, Trump had agreed to postpone tariffs on Mexico and Canada for 30 days, which helped stocks recover some of their early losses by the end of the week. Earnings season was another notable driver of sentiment; according to data from FactSet, 77% of S&P 500 Index companies that have reported Q4 results have posted consensus-topping earnings, with an average growth rate of 16.4% (compared with estimates for 11.9% earnings growth).

Nvidia’s market cap dropped, DeepSeek continues to disrupt, and European banks outperformed the Mag 7. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks finished the volatile week mostly lower, although the Dow rose modestly to notch its third straight week of gains. The Nasdaq Composite experienced a particularly steep drop on Monday, driven by a sell-off in tech stocks in response to the emergence of DeepSeek, a Chinese AI developer, which released a new open-source large language model that reportedly requires much less energy and processing power than other leading AI applications, leading to competitive concerns in the broader AI space. The news led to shares of NVIDIA falling nearly 17% on Monday.

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Only 29% of S&P 500 stocks beat the index, gold hits a record GDP share, and U.S. bitcoin reserve legislation advances. Each week, the Syz investment team takes you through the last seven days in seven charts

The S&P 500 Index notched a new record high on Thursday before dipping modestly lower on Friday. Growth stocks outperformed value shares during the week for the 1st time this year. Large-caps generally outperformed small-caps. It was a quiet week on the US macro front although it ended on a very down note as Services PMI plunged and inflation expectations soared. Headlines during the week were largely dominated by political developments in the wake of Monday’s inauguration of President Trump. Notably, he did not impose a new round of tariffs on day one—as some had feared—and instead, called for a review of U.S. trade policies to determine the impact of potential future tariffs.

On Friday night, President Donald Trump launched a Solana meme coin named $TRUMP, which has exploded in price in a matter of 48 hours.