U.S. stocks closed higher after a volatile week in which a slew of trade-related headlines continued to dominate investor sentiment. The week opened with equities sharply lower, as negative sentiment intensified ahead of Wednesday’s implementation of the Trump administration’s latest round of tariffs. However, on Wednesday, Trump announced that he was authorizing a 90-day pause on the higher reciprocal tariffs for most countries to allow time for negotiations. The news sent stocks rocketing higher, with the Nasdaq Composite gaining over 12% and logging its second-best day on record.

Flash note

The first quarter of 2025 has been a particularly turbulent one for the financial markets: US equities had their worst relative performance in 23 years, Chinese markets rebounded, gold reached new highs and economic and geopolitical uncertainties fuelled volatility. Here are 10 charts that highlight the first three months of the year.

The recent tariff announcement from the US is on everyone’s mind. Meanwhile, the world has more billionaires than ever. Each week, the Syz investment team takes you through the last seven days in seven charts.

Stocks fell sharply in response to the Trump administration’s announcement of a broad range of harsher-than-expected tariffs, which fueled concerns around the potential for slowing economic growth, resurgent inflation, and a possible recession. Small-cap stocks lagged as the Russell 2000 Index lost about 10% and ended the week down over 30% from its all-time high, while the S&P 500 Index posted its worst weekly performance in over five years. The tariff announcement led to the largest one-day decline for some indexes since 2020 on Thursday, and stocks continued to slide through Friday. Several countries, including China, began to announce retaliatory tariffs and plans for negotiations with the U.S., adding to trade war fears and broader uncertainty around global trade policy.

Investors grab gold, Trump unleashes foreign auto tariffs, and the top AI sites. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stock indexes declined during the week, largely driven by weakness in IT and communication services sectors, while value stocks outperformed growth shares for the 6th consecutive week. Several new tariff announcements—including a 25% levy on all non-U.S.-made automobiles—as well as concerns around a broader economic slowdown and weakening consumer sentiment weighed on stocks. Adding to these concerns, the core PCE price index—the Fed’s preferred measure of inflation—rose 0.4% in February, up from January’s reading of 0.3%. On a year-over-year basis, the core PCE rose 2.8%, remaining well above the Fed’s long-term inflation target of 2%. The data release appeared to help drive stocks lower on Friday to finish the week near their worst levels. U.S. Treasuries were little changed as yields were volatile.

The Fed holds rates, the Turkish lira tumbles, investors ditch the US for Europe. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks closed the week higher, with most indexes snapping multi-week declines. Major indices rebounded on Friday after President Donald Trump said there would be some “flexibility” with tariffs. However, he maintained that the tariffs implemented at the April 2 deadline will be reciprocal, saying all countries that have tariffs on U.S. goods will be charged. The Dow Jones Industrial Average was the best weekly performer, advancing 1.2% while the technology-heavy Nasdaq Composite was the worst-performing index during the week. Value outperformed growth for the fifth consecutive week, bringing its total year-to-date outperformance to 897 basis points.

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.