US equities extended their rally to a sixth consecutive weekly gain, the longest streak since 2024. The S&P 500 advanced 2.3% on the week, while the Nasdaq surged 4.5%, both setting fresh record highs. The Dow lagged at +0.2%. AI infrastructure remained the dominant engine — AMD jumped roughly 20% on the week and the Philadelphia Semiconductor Index added more than 10%, bringing its 2026 gain to 65%. April nonfarm payrolls printed at 115,000 vs. 65,000 expected, with unemployment steady at 4.3%, reinforcing the soft-landing narrative but strengthening hawkish FOMC voices as markets now flirt with bets of a Fed hike later this year. Offsetting the optimism, University of Michigan consumer sentiment collapsed to a record low 48.2 on surging gasoline prices ($4.45/gal), and Brent stabilized near $100 amid ongoing US-Iran hostilities. In Europe, the tone was more cautious. The STOXX 50 ended the week +1.5% and STOXX 600 +0.8%, with Rheinmetall down 7% on disappointing Q1 results and Enel off 2%. In Asia, sentiment was firmly risk-on: the Nikkei 225 surged through 62,000 for the first time, jumping 5.76% on Thursday alone. By the end of the week, WTI Crude front-month futures were back below $100. Gold is up notably on the week, bouncing strongly off the $500 level. The dollar fell for the 5th week in the last six, closing near 3 months low at pre-war levels. Longer-term US yields also slipped back.
Have a great weekend
Charles & Syz Research Lab