.png)
WEEKLY SUMMARY: Nasdaq at all-time high. Bitcoin is back above $60k
The Nasdaq Composite rose to an all-time high Friday, surpassing its 2021 record while the S&P 500 closed above 5100 for the first time. The month also closed a strong February, with the S&P 500 marking its strongest beginning two months of the year since 2019. The week’s gains were also broad-based, with an equal-weighted version of the S&P 500 Index modestly outperforming its capitalization version. Thursday’s release of the PCE price index was a disappointment as core prices rose by 3.9%, above expectations of around 3.7%. The 12 Fed policymakers scheduled to deliver speeches over the week all seemed to echo the recent narrative that they were in no rush to cut interest rates. But on Friday, a disappointing ISM Manufacturing index (back to 47.8) and Fed Governor Waller indication that the Fed might be willing to implement a new “Operation Twist” pushed bond yields lower and gold prices higher. Meanwhile, credit spreads widened throughout the week as the sector struggled with heavy supply. Outside the US, the STOXX Europe 600 Index ended little changed but remained near record highs as Eurozone inflation declined less than expected and economic sentiment worsened. Japanese stocks had another strong week, with the Nikkei 225 gaining around 2.1%. Stocks in China rose on hopes that Beijing may boost monetary easing measures to stimulate growth. Cryptos had a giant week with huge inflows to BTC ETFs, pushing bitcoin above $60k. Ethereum also spiked, all the way above $3500 this week.
Disclaimer
This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.
Related Articles
Nasdaq was the week's biggest winner among the US majors equity indices in a week that saw the S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite all continue to hit record highs, while the Russell 2000 Index declined after back-to-back weeks of outperformance versus its larger-cap peers. The Russell 1000 growth index outperformed Russell 1000 value by 553bps, the largest margin since March 2023. Sector performance was also widely dispersed as consumer discretionary, communication services, and IT stocks all gained over 3% for the week, while energy, utilities, and materials stocks all fell over 3%. Geopolitical headlines through the first half of the week were largely dominated by French and South Korean politics, though these seemed to have limited impact on U.S. markets.