Market support mechanisms and accounting creativity are no substitute for improved fundamentals

Meanwhile, European countries are having their own bond crisis. Each week, the Syz investment team takes you through the last seven days in seven charts.

Global equities were roughly flat over the week to 4 September 2026, as a much stronger than expected US August jobs report and renewed US-Iran tensions pushed oil prices and bond yields higher, reviving the case for a September Fed rate hike. The repricing hit European equities harder than the US, with German and French markets underperforming on rate- and energy-sensitive exposure, while banks and energy stocks outperformed globally. Within US tech, a sharp divergence emerged inside the Magnificent Seven, driven by company-specific news at Meta and Nvidia rather than a shared theme. Brazil was the standout market of the week, rallying on rate-cut expectations and firmer oil prices.

Major U.S. stock indexes finished the week narrowly mixed as investors weighed renewed U.S.-Iran hostilities, rising oil prices, a better-than-expected jobs report, and shifting Federal Reserve monetary policy expectations. The Dow Jones Industrial Average lost 0.27%, while the Nasdaq Composite added 0.40%. The S&P 500 and the Russell 2000 indexes were little changed. Growth stocks outperformed their value counterparts by the widest margin in a month. Within the S&P 500, the energy sector posted the strongest gains as oil prices rose amid renewed Middle East tensions. Treasury yields moved higher alongside oil prices, with the 10-year reaching roughly 4.82% intraday on Wednesday before retracing somewhat on Thursday after Fed Governor Christopher Waller said he would be inclined to keep rates unchanged if incoming data confirm that disinflation is continuing.

With rising chances of rate hikes, short-term rates rise while long-term rates stabilize

Global equities edged modestly higher over the past week, as a blowout Nvidia earnings beat and a sharp pullback in oil prices lifted risk appetite, only for a hawkish Jackson Hole debut from Federal Reserve Chair Kevin Warsh to reverse much of the optimism by Friday. This report examines the drivers behind the week's gains and reversals across the US, Europe, and emerging markets, including the rotation out of health care and small caps, the AI-driven strength in software and cybersecurity, and the easing of the oil risk premium following new US sanctions on Iran.

Victoria’s Secret is back: a $100,000 investment has quadrupled since the Fashion Show’s return was announced. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major U.S. stock indexes ended the week mixed. The S&P 500 and Nasdaq Composite advanced in light trading, while mid- and small-cap benchmarks declined. Nvidia delivered another exceptional quarter, with fiscal Q2 revenue surging 106% year-on-year. Stronger-than-expected guidance and continued momentum in AI infrastructure spending sent its shares 8.7% higher on Thursday, lifting the broader technology sector. At Jackson Hole, Fed Chair Kevin Warsh struck a hawkish tone. He argued that the economy remains resilient, financial conditions are not restrictive, and underlying inflation has not improved enough to declare victory. The Treasury yield curve flattened following his remarks, while core PCE inflation came in line with expectations.

Ox Alpha, an anonymous model nobody has claimed, has just taken the 1st place on the world’s busiest LLM marketplace. The story is not about China. It is about pricing power and about who ultimately earns a return on a trillion dollars of AI infrastructure.

US rates remain volatile following Bessent’s intervention and ahead of Warsh’s Jackson Hole speech