Economic shift: US slows, Europe rises, Asia mixed As mid-2024 nears, the US economy shows signs of moderation, Europe gradually recovers, and Asia sees mixed performance with strong Chinese exports and a stabilising outlook in Japan despite a weak yen. Nvidia continues to live up to the hype, GameStop trading mania is back and in a surprising move, the U.S. SEC approved eight applications for spot Ethereum ETFs. Each month, the Syz investment team takes you through the last month in ten charts.

Nvidia’s market cap increased by $450 billion last week, meaning it now exceeds the total DAX index! Commodities continue to outperform the equity and bond markets. Each week, the Syz investment team takes you through the last seven days in seven charts.

The main US equity indices closed lower over the holiday-shortened week but rounded out a month of gains. In contrast to much of the month, small-caps performed better than large-caps, and value stocks held up better than growth shares. The Nasdaq was especially weak, due in part to a sharp decline in cloud software provider Salesforce, which fell sharply after releasing Q1 revenues that missed consensus estimates. Much of the week’s relatively light economic calendar came in roughly in line with expectations. One prominent factor weighing on sentiment appeared to be the Treasury Department’s midweek auctions of five- and seven-year notes, which were met with subdued demand. The weak sales raised concerns that funding the U.S. deficit will drive up yields at a time when the Fed appears to be in no rush to cut rates.

Following its quarterly results, Nvidia's stock surpassed $1,000 per share. Ether (ETH) saw a significant rise ahead of the anticipated launch of the first spot ETFs and the cost of servicing the US public debt is projected to surpass defence spending. Each week, the Syz investment team takes you through the last seven days in seven charts.

After six straight weeks of 'weakness', US Macro Surprise data surged higher this week. But good (macro) news is not necessarily good news for markets. After four straight weeks of gains, The Dow suffered its worst week since March 2023. The Russell 2000 also saw its first weekly loss in the last five. The Nasdaq sharply outperformed on the week (hitting a new record) while the S&P managed to rally on Friday to get green for the week. Hawkish Fed Minutes spooked stocks midweek but NVDA's earnings saved the tech-heavy indices. After beating earnings consensus estimates, NVIDIA shares rose 9.3% on Thursday, adding roughly USD 220 billion to its market capitalization. The good news for NVIDIA did not translate into broader gains for the market.

The Dow Jones hits the 40,000-point milestone for the first time ever, China offloads a record amount of US debt in Q1, and the copper market experiences significant disruptions. Each week, the Syz investment team takes you through the last seven days in seven charts.

The Dow Jones Industrial Average, S&P 500 Index, and Nasdaq Composite climbed to record highs during the week, with the Dow crossing the 40k threshold for the first time ever. As inflation and interest rate worries appeared to dissipate, growth stocks outperformed. The major factor supporting sentiment appeared to be Wednesday’s release of the US Labor Department’s April consumer price index (CPI), which came in at or modestly below expectations, in contrast to hotter-than-expected prints over the preceding three months. Thursday’s US retail sales figure was another boost for stocks as bad macro news seemed to be good news for the market (retail sales were flat in April versus consensus estimates of a 0.4% gain).

Rising share buybacks, led by Apple, expected to sustain US stock market rally. US household savings have shrunk considerably just as the US labour market is starting to deteriorate. Each week, the Syz investment team takes you through the last seven days in seven charts.

The S&P 500 Index is moving back towards its all-time high and recorded its third consecutive week of gains. The other major indexes also advanced, with value stocks generally outperforming growth shares. Market volumes were especially low over much of the week. A surprise rise in weekly jobless claims seemed to dominate the week’s economic calendar: unemployment benefits rose to 231,000 in the week ended the previous Wednesday, its highest since last August. Likewise, continuing claims broke a four-week downward streak and rose to 1.79 million.

Is it time for QT tapering? US equities continue to outperform 30-year US Treasuries and where are all the US listed companies going? Each week, the Syz investment team takes you through the last seven days in seven charts.