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WEEKLY SUMMARY: Gold ‘death crossed’ as Mag7, oil & yields tumbled
Major U.S. stock indexes finished the week mixed, as renewed weakness in large-cap tech and AI-related shares weighed heavily on the Nasdaq and S&P 500 Index, while the small-cap Russell 2000 Index and Dow advanced 1.01% and 0.60%, respectively. As measured by Russell indexes, large-cap value stocks outpaced their growth counterparts by 368 basis points, while the equal-weighted S&P 500 Index also solidly outperformed its market cap-weighted peer. On the US macro side, PCE inflation accelerated but spending and income rose. June business activity improved as GDP growth was revised higher. U.S. Treasuries advanced during the week, with yields moving lower across most maturities as oil prices declined and the May PCE data came in roughly in line with expectations. The yield on 10-year U.S. Treasury note dropped below 4.40% for the first time in over a month. The pan-European STOXX Europe 600 Index ended the week broadly unchanged, up 0.04% in local currency terms as Eurozone inflation expectations eased in May and UK Prime Minister Starmer resigned. Japan's stock markets declined over the week, with the Nikkei 225 Index falling 2.65% and the broader TOPIX Index losing 2.02%. In commodities, WTI Crude tumbled to its 200DMA (and found support), just above pre-war levels. Gold broke down below $4000 - its lowest level since November 2025. The dollar ended the week higher while Bitcoin broke back below $60k, testing support at early June lows.
Have a great weekend
Charles & Syz Lab Research
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