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WEEKLY SUMMARY: Stocks & rates higher on the week amid war worries
Major U.S. stock indexes closed the week higher, with the Dow Jones advancing to an all-time high and the S&P 500 Index rising for the eighth consecutive week, its longest winning streak since 2023. Small-cap and value stocks outperformed large-cap and growth shares. After a volatile start to the week, sentiment improved as enthusiasm around artificial intelligence (AI) stocks—supported in part by chipmaker NVIDIA’s stronger-than-expected earnings results—helped offset uncertainty surrounding the Middle East conflict. Additionally, while headlines around a possible deal between the U.S. and Iran remained fluid and sometimes conflicting, investors generally appeared to see negotiations as more likely than escalating military action. On the macro side, US PMI data show modest growth and surging price pressures while US Consumer sentiment hits record low. U.S. Treasuries yields rose across most maturities early in the week before largely reversing course on Wednesday after President Donald Trump said that the U.S. was in the “final stages” of talks with Iran. The pan-European STOXX Europe 600 Index ended the week up 3.00% in local currency terms as ECB cut 2026 growth forecasts. Japan's equity markets rebounded strongly during the week, with the Nikkei 225 Index rising 3.14% as softer inflation data weigh on the yen. The dollar was volatile as bitcoin dumped to $75k. Gold was modestly lower.
Have a great weekend
Charles & Syz Research Lab
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