Higher global yields and curve steepening weighed on bond returns while credit and EM spreads were stable last week.

Gold shines as 2025’s top performer, Bitcoin falters, US stocks lag global peers — and while silver steals the spotlight, copper quietly makes its case. Each week, the Syz investment team takes you through the last seven days in seven charts.

Global equity markets were dominated by year-end positioning, amid lower holiday liquidity and mounting geopolitical tensions.

U.S. stocks declined during the holiday-shortened week. The Nasdaq Composite performed worst for the week, followed by the Russell 2000 and S&P 500 indexes. The Dow Jones Industrial Average and S&P MidCap 400 Index held up best but still shed 0.67% and 0.71%, respectively. Within the S&P 500 Index, the energy sector outperformed as heightened geopolitical tensions drove oil prices higher. On the US macro side, lower mortgage rates and wage growth fuel homebuyer momentum, as pending home sales Index rose 3.3% in November, marking the largest month-over-month jump since February 2023.

Rangebound interest rates and credit spreads will require bond investors to focus on the yield carry and to be selective in sectors and companies’ exposure

U.S. stocks advanced during the holiday-shortened week, with the S&P 500 Index and Dow Jones Industrial Average both hitting record highs. News flow and trading volumes were generally light throughout the week, but some recent favorable economic data alongside artificial intelligence (AI) optimism appeared to support positive sentiment. The small-cap Russell 2000 Index was the worst performer of the major indexes, finishing the week 0.19% higher. On the macro front, the U.S. economy expanded at the fastest pace in two years during Q3, as U.S. real GDP grew at an annual rate of 4.3%, ahead of the second quarter’s 3.8% growth rate and well above estimates for around 3%.

A near end to the central bank rate cut cycle, some major divergences in sovereign rates and broadly tighter credit and EM spreads

Silver breaks into the top four, central banks keep buying gold, and US households lean more into equities than property. Each week, the Syz investment team takes you through the last seven days in seven charts.

The S&P 500 index finished the week little changed, while the Nasdaq added 0.48%. The Russell 2000 Index performed worst, declining 0.86%, followed by the Dow, which shed 0.67%. Equities started the week broadly lower but reversed course toward the end of the week, supported in part by an encouraging US inflation report as well as strong earnings results from semiconductor manufacturer Micron Technology that seemed to help shift AI-related sentiment. On the macro side, US unemployment rate rose to 4.6% in November, the highest level in over four years while US core inflation dropped to slowest pace since early 2021. December business activity growth slowed to a six-month low. US Treasuries yields generally decreased across most maturities.

A “not so hawkish” Fed rate cut and ECB Schnabel’s comments drove a yield curve bear steepening last week.