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WEEKLY SUMMARY: Wall Street’s historic S&P 500 rally comes to a halt
Major U.S. stock indexes finished the week lower. Declines were led by the technology-heavy Nasdaq Composite, which fell 4.68%, followed by the Russell 2000 and S&P 500 Indexes, the latter of which posted a weekly loss for the first time since March. The Dow Jones Industrial Average held up best, declining 0.32%. Early gains tied to artificial intelligence (AI) optimism faded later in the week as investors weighed oil price volatility tied to Middle East headlines, elevated earnings expectations for AI-linked companies, a growing pipeline of AI-related equity issuance, and a stronger-than-expected May payrolls report that helped push Treasury yields higher on Friday. The payrolls surprise supported the view that the U.S. economy remains resilient, but it also raised concerns that persistent price pressures could keep the Federal Reserve on a restrictive path for longer. Other data from the week (ISM, PMI) generally pointed to continued resilience in the U.S. economy alongside ongoing inflation pressures. The STOXX Europe 600 Index declined 0.53% as Eurozone economy contracted in Q1. In Asia, Japan’s Nikkei 225 Index gained 0.39% while the Shanghai Composite Index declined 1.00%. The dollar exploded higher, up over 1% against its fiat peers on the week. Gold plunged back below its 200DMA, erasing all its YTD gains. Bitcoin dropped below $60k for the first time since October 2024.
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Charles & Syz Research Lab
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