How one chipmaker reshuffled the global equity rankings — and what it means for both markets

The week was dominated by two interrelated forces: an intensifying sequence of US–Iran peace negotiations that pushed WTI crude oil down over 8%, easing the energy-inflation overhang that has weighed on equities and bonds alike since the conflict escalated earlier in the year; and a landmark set of quarterly results from Nvidia that reaffirmed the durability of hyperscaler AI capital expenditure and reignited investor confidence in the global technology complex.

From the Nasdaq's remarkable long-term resilience to growing concentration in emerging markets, Russia's forced gold sell-off, and China's capital allocation challenge, this week's 7 charts map’s the fault lines shaping the global investment landscape. Each week, the Syz investment team takes you through the last seven days in seven charts.

 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.

Flash note

Global rates surge and weigh on bond markets across the board.

Forward operating margins have reached new all-time highs across all major regions and continue to accelerate...

Flash note

Nvidia tops the charts with record market cap, and Germany’s economy appears sluggish, while American purchasing power recedes. Each week, the Syz investment team takes you through the last seven days in seven charts.

Global equities broke a six-week winning streak as a hotter-than-expected US inflation print pushed yields higher and drove a broad risk-off rotation, with US large caps holding up while the rest of the world weakened.