The S&P 500 Index notched a new record high on Thursday before dipping modestly lower on Friday. Growth stocks outperformed value shares during the week for the 1st time this year. Large-caps generally outperformed small-caps. It was a quiet week on the US macro front although it ended on a very down note as Services PMI plunged and inflation expectations soared. Headlines during the week were largely dominated by political developments in the wake of Monday’s inauguration of President Trump. Notably, he did not impose a new round of tariffs on day one—as some had feared—and instead, called for a review of U.S. trade policies to determine the impact of potential future tariffs.

Softer inflation data sparks a global bond rally, Japanese yields hit multi-year highs, and credit markets rebound with resilience, shaping an optimistic start to 2025.

On Friday night, President Donald Trump launched a Solana meme coin named $TRUMP, which has exploded in price in a matter of 48 hours.

Equity allocation hits record highs, US productivity outpaces other developed nations, and markets rebound on cooling inflation. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major U.S. stock indexes finished the week higher, rebounding from a sharp sell-off at the end of the prior week. Value stocks outperformed growth shares by the widest weekly margin since September, driven in part by outperformance in the energy sector amid higher oil prices and some profit-taking in large-cap tech stocks. The financials sector also posted strong weekly gains, aided by some earnings upside surprises. On the macro side, year-over-year US core inflation (less food and energy) slowed in December to 3.2% versus 3.3% in November and lower than expected. This number provides optimism that the Fed is still making progress on bringing down inflation following several months of elevated readings, which keeps the door open for potential rate cuts later in the year.

Rising US bond yields shake markets, UK assets slip, and... why Greenland? Each week, the Syz investment team takes you through the last seven days in seven charts.

In the first weeks of 2025, U.S. Treasury yields hit new highs, credit markets stay steady despite record issuance, and emerging markets showcase resilience with tightening spreads.

U.S. equities declined during the week. Small-cap stocks underperformed their large-cap peers for the fifth week in the past six weeks, as the Russell 2000 Index dipped into correction territory. Value stocks held up better than their growth counterparts. The Nasdaq Composite fell 2.34%, its biggest weekly drop since mid-November. The week started on a positive note following a report that the incoming Trump administration’s proposed stance on tariffs was likely to be softer than previously indicated. However, optimism faded throughout the week after President-elect Donald Trump refuted these reports and several pieces of economic data fueled concerns about stubborn inflation.

Risky assets remain strong overall, plus the top 10 stocks powering the bull market. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major US stock indexes were mixed during the holiday-shortened week, although broad gains on Friday helped indexes finish off their worst levels. On the macro side, the Chicago Purchasing Managers’ Index (PMI) released on Monday came in at 36.9 in December, falling short of consensus expectations of 42.9. December marked the 13th consecutive month of contracting activity and the steepest month-over-month drop since May. Stocks also fell on Thursday, the first trading day of the new year, partially in response to the Atlanta Fed’s downward revision to its Q4 GDP forecast, from 3.1% to 2.6%. In more positive news, the Labor Department reported initial jobless claims of 211,000 for the week ended December 28. US Treasury yields were all lower on the week with the long-end underperforming.