US equities managed to snap a string of three weekly losses. Earnings took center stage with the spotlight on the Magnificent 7 stocks. Despite the high bar, companies have so far been able to beat expectations, helping the S&P 500 recover half of its April losses. The Nasdaq outperformed, up 4% on the week (its best week since the start of Nov 2023), helped in part by strength in Apple and a late rebound in chipmaker NVIDIA. Shares in Google parent Alphabet also surged in the week following its announcement of better-than-expected Q1 earnings along with the company’s first dividend payment. The Dow was the laggard. On the Macro side, the US economy expanded at an annualized rate of 1.6% in Q1, well below consensus estimates of around 2.5% and the slowest pace of growth in nearly two years.

The yen continues to plummet, France's debt-to-GDP gap with Germany widens further and Zoom goes boom! Each week, the Syz investment team takes you through the last seven days in seven charts.

Stocks recorded broad losses, as concerns over tensions in the Middle East and the possibility of U.S. interest rates remaining “higher for longer” appeared to weigh on sentiment. Mega-cap technology shares lagged as rising rates placed a higher theoretical discount on future earnings. A Q1 revenue miss from ASML Holdings also seemed to weigh on the sector and on general optimism toward companies with AI-related earnings. Some strong economic data (e.g retail sales +0.7% vs. 0.3% expected) appeared to increase worries that the Fed would push back any interest rate cuts to the fall, if not to 2025. Conversely, downward surprises in housing market data may have furthered inflation fears by auguring continued supply tightness. As was the case last week, Fed officials expressed their concern with recent economic data.

US inflation is accelerating, federal debt is projected to double from $20 trillion in 2017 to $40 trillion by 2025, but the S&P 500 continues to show resilience. Each week, the Syz investment team takes you through the last seven days in seven charts.

The major US equity benchmarks retreated for the week amid heightened fears of conflict in the Middle East and some signs of persistent inflation pressures that pushed long-term Treasury yields higher. Large-caps held up better than small-caps, with the Russell 2000 Index suffering its biggest daily decline in almost two months on Wednesday. Growth stocks fared better than value shares. Wednesday morning’s release of the US CPI data, which came in higher than expected, weighed on investors’ sentiment. Overall inflation rose 3.5% yoy, its biggest gain since September. The “supercore” inflation (services prices excl. energy and housing costs) jumped 4.8% yoy, substantially higher than expectations and its biggest increase in 10 months.

The U.S. Treasury is ramping up the issuance of Treasury bonds at an accelerating pace. Simultaneously, we are seeing gold prices rise while bond yields fall, while commodities are experiencing a resurgence. Each week, the Syz investment team takes you through the last seven days in seven charts.

The US large-cap indexes pulled back from record highs, as the S&P 500 recorded its worst week since the start of the year (and the Dow the worst YTD). On the week, all the majors were red with Small Caps and The Dow being the worst performers. The market’s performance also narrowed again, with growth stocks faring better than value shares. Energy stocks soared this week (to a record high) - the only sector to end green - while Healthcare and Real Estate lagged. VIX saw its biggest weekly surge since August 2023. Stocks moved lower following the release of the March ISM manufacturing reading on Monday, which came in well above expectations and indicated expansion—if barely—for the first time in 16 months. The Friday US jobs report showed that employers added 303,000 jobs in March, well above expectations.

The major equity indexes advanced over the shortened trading week to end a quarter of strong gains. The S&P 500 Index recorded new closing and intraday highs to end the week. The market’s advance was notably broad, with an equal-weighted version of the S&P 500 Index gaining 1.64%, well ahead of the 0.39% increase in the S&P 500. Small-caps also easily outperformed large-caps. market activity was generally subdued ahead of the holiday weekend. US economic data were mixed. Durable goods orders ex- defense & aircraft rose a solid 0.7%, much more than anticipated. New home sales fell unexpectedly in February. Consumer confidence declined slightly in March, defying consensus expectations for an increase.

The SNB unexpectedly cut rates, resulting in a drop for the Swiss franc versus the Euro and Dollar and the S&P 500 hits record high as FED signals future cuts in 2024. Each week, the Syz investment team takes you through the last seven days in seven charts.

Stocks moved higher for the week, pushing the S&P 500 Index and the Nasdaq Composite to new records, as investors welcomed news that the Fed is still anticipating three interest rate cuts later in the year. A late rise helped NVIDIA reach a record high on Friday and lift the company’s market cap near USD 2.4 trillion. The week’s macro data arguably supported hopes that the economy was continuing to expand without reigniting inflation pressures. February existing home sales surprised most observers by jumping 9.5%. The news from the Fed helped drive a decline in longer-term Treasury yields over the week.