Charles-Henry Monchau

Chief Investment Officer


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WEEKLY SUMMARY: Stocks break 6-weeks win-streak as UST yields rise

The S&P 500 Index finished lower after posting gains in each of the six previous weeks as rising Treasury yields weigh on U.S. stocks. Large-cap stocks held up better than small-caps, and growth stocks outperformed value as the Nasdaq Composite Index gained slightly. Tesla was the best performer in the S&P 500 and led the Magnificent Seven, helping to keep the broad index from a steeper decline. The EV car maker posted better than expected quarterly earnings while Elon Musk projected strong sales growth in 2025. The stock recorded its best daily gain (22%) in more than 11 years on Thursday. Meanwhile, Apple dumped as Wall Street analysts downgraded their views on the stock. In Fixed Income, the 10-year U.S. Treasury yield climbed about 10 bps on Monday to 4.20% and stayed around that level for the rest of the week. The elevated level of U.S. fiscal spending and Treasury issuance, combined with better than expected macro data is driving the sell-off in long-term Treasuries. In Europe, the STOXX Europe 600 Index ended the week 1.18% lower. In Asia, the Nikkei 225 Index fell 2.74% while the Shanghai Composite Index advanced 1.17%. Gold rallied for the 6th week in the last 7, hitting a new intraday record high during the week. Silver jumped to its highest price in more than 12 years. Crude oil prices were higher (WTI between $70 and $72). The dollar rallied for the 4th straight week to its highest weekly close since June. Bitcoin was volatile and ended the week below $67k. 


Have a great week-end

Charles for the team 
 
 
 




 

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