Equities ended a volatile week higher, with indices clawing back losses from the collapsed Iran ceasefire. The S&P 500 and the Nasdaq both notched weekly gains of more than 1%; the Dow slipped roughly 0.5% on the week. Semiconductors again led. Meta jumped about 15%, its best week since early 2024. Friday's marquee event was SK Hynix's Nasdaq debut, which opened around 14% above its $149 ADR price after a seven-times-oversubscribed, $26.5bn offering. Europe was subdued, with the Stoxx 600 near flat. The 10-year Treasury yield settled around 4.55%, easing modestly by the end of the week as oil retreated. June Fed minutes showed only a few members favoring a hike, but markets still price at least one increase by year-end — a hawkish tilt reinforced by AI-driven demand concerns. Gold held above $4,100, finishing the volatile week roughly unchanged. Oil rose about 7% over five days on renewed Hormuz disruption, though WTI eased Friday toward $71. The IEA flagged the first annual demand contraction since 2020. Bitcoin traded near $63–64k, up roughly 3% on the week, supported by ETF inflows and optimism around the pending CLARITY Act. On the geopolitical side, the US struck Iran on two consecutive days over Hormuz navigation; Tehran retaliated against regional bases, and Trump declared the ceasefire over while signaling talks continue. Investors’ focus might come back on fundamentals as Q2 earnings begin next week with the large US banks.
Have a great weekend
Charles & Syz Lab Research