--- title: The week in seven charts | Syz Group description: "S&P 500 down for the 6th consecutive week\n\nNowhere to hide as inflation soars. Tech stocks and crypto take a beating, while value stocks outperform growth stock. 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You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### The week in seven charts S&P 500 down for the 6th consecutive week Nowhere to hide as inflation soars. Tech stocks and crypto take a beating, while value stocks outperform growth stock. The Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 05/16/2022** | Reading time: 3min. - ![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png) - - - - [--- PDF ---](https://www.syzgroup.com/sites/default/files/document/2022-05/syz-feature-the_week_in_seven_charts.pdf)   ### Chart #1 - S&P 500 down for the 6th consecutive week Wall Street had another volatile week, with the S&P 500 posting losses for the sixth consecutive week. This is the longest stretch of negative weekly performance since 2008. Investors seem increasingly skeptical about the Fed's ability to achieve a "soft landing" for the economy. At its lowest point on Thursday, the S&P 500 was down nearly 18% from its December 2021 peak, just 2% above the threshold that typically defines a bear market. US stocks rebounded on Friday, helped by a rally in Tesla after Elon Musk tweeted that his deal to buy Twitter - financed in part by the sale of part of his stake in Tesla - was "pending". On Wednesday, US inflation data weighed on investor sentiment. Indeed, the increase in prices for a global basket of goods and services fell slightly from March's pace, but not as much as expected: inflation stood at +8.3% year-on-year against +8.1% expected by the consensus.   S&P weekly change [![S&P weekly change](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture1_2.jpg)](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture1_2-1.jpg?hsLang=en) Source: Bloomberg   ### Chart #2 - No respite for technology stocks The rout in technology stocks continues: rising bond yields continue to weigh on the Nasdaq's price/earnings ratio. Admittedly, the yield on US Treasury bonds fell back below 3% at the end of the week. But the tightening monetary environment is not favourable to growth stocks in general and technology in particular. And it's not just small and mid-caps that are suffering. Apple stock - an icon of the bull market in the era of quantitative easing - is now in bear territory. Energy giant Saudi Aramco has become the world's largest company by market capitalisation - quite an achievement.   [![No respite for technology stocks](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture2_5.png)](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture2_5-1.png?hsLang=en) Source: Bloomberg   ### Chart #3 - Fund flows against the market trend Despite the sharp decline in the Nasdaq, retail investors are still attracted to high-growth, innovation-oriented stocks. The Ark Invest Innovation ETF (ARKK) had become a reference in this segment in 2020-2021. But for several months now, the flagship ETF of the management company founded by Cathie Wood has been falling steadily. ARKK ETF is down 60% year-to-date. However, "small investors" continue to believe in a possible rebound, having injected no less than 1 billion dollars of new money into the fundin 2022. By contrast, largely driven by Russia’s war in Ukraine, the US oil stock ETF SPDR Energy (XLE) has risen by 40% since the beginning of the year but has suffered redemptions. From a contrarian point of view, this divergence between performance and fund flows suggests that the energy sector might continue to outperform.   [![Fund flows against the market trend](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture3_1-1.png)](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture3_1.png?hsLang=en) Source: Ychart   ### Chart #4 - Is the outperformance of value stocks just starting? Since the beginning of the second quarter, the outperformance of the value compared to growth stocks has reached extremes unseen since the late 1990s (+10.5%). This differential was already significant in the first quarter (+8%). By how much can this valuation gap between growth and value stocks close over time?   Growth vs. Value Stocks [![Growth vs. Value Stocks](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture4-1.png)](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture4.png?hsLang=en) Source: Crescat Capital, Bloomberg   ### Chart #5 - TerraUSD stablecoin triggered a crypto- crash The general move of asset liquidation which has been in place since November 2021 is affecting the most speculative segments of the market even more. Cryptocurrencies had already suffered a dramatic decline before the start of last week. The downward movement was further accelerated by the fall of a "stablecoin", the TerraUSD (UST). Stablecoins play a very important role in the cryptocurrency ecosystem. In principle, they allow crypto- currency investors to "park" their assets in digital assets that replicate the evolution of "fiat" currencies, i.e. the dollar, the euro, etc. These stablecoins are therefore supposed to be stable because they are backed by "traditional" currencies. The sudden de-anchoring of the TerraUSD last week sent shockwaves through the cryptos as this sudden shock threw all stablecoins into turmoil, including Tether, which accounts for almost half of the capitalisation of this segment. For now, Tether's peg seems to be holding. In fact, it is the stablecoins that are based on algorithms (such as TerraUSD) that have stalled while those based on physical reserves (Tether, USDC, etc.) are holding up - at least for now. However, these spectacular dips have cast a pall over the whole crypto universe. Bitcoin is now down over 60% from its all-time high in October 2021. The market capitalisation of all cryptos has suffered a decline of $1.7 trillion from its highs.   The algorithmic stablecoins have lost the most value in the past week [![The algorithmic stablecoins have lost the most value in the past week](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture5_0.png)](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture5_0-1.png?hsLang=en) Source: Coingecko, Morgan Stanley   ### Chart #6 - Inflation hedge? there is only one left... Gold prices continued to fall last week. It traded at its lowest since February and is now down year-to-date. After the fall of the Nasdaq, bitcoin and now gold, it is clear that only one inflation hedge has worked so far: commodities in the broad sense (i.e. energy, agricultural commodities, etc.).   Nice Inflation Hedge You've Got There [![Nice Inflation Hedge You've Got There](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture6-1.jpg)](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture6.jpg?hsLang=en) Source: Bloomberg   ### Chart #7 - Buying opportunities? Let's try to end on a positive note... Over the last 50 years, the S&P 500 has been down about 20% several times and then rebounded dramatically - at least when business and economic fundamentals remained strong. As for bitcoin, it has suffered numerous declines of around 50% and has always recovered...   Every decade has had bull markets that included near 20% declines [![Every decade has had bull markets that included near 20% declines](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture7.png)](https://blog.syzgroup.com/hubfs/Imported_Blog_Media/picture7-1.png?hsLang=en) Source: FactSet     #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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