Nvidia has reported a threefold increase in sales driven by the boom in AI chips, the Nasdaq 100 and S&P 500 ETFs are now within 2% of their all-time highs and watch out for OJ and Uranium, the two mega bull markets nobody’s talking about! Each week, the Syz investment team takes you through the last seven days in seven charts.

Stocks closed higher over a quiet holiday-shortened trading week (US markets were closed on Thursday due to the Thanksgiving holiday and closed early Friday). The big event of the week was Nvidia Q3 results. The stock fell despite the company beating earnings and revenue estimates as it issued cautious guidance because of export restrictions to China. Nvidia’s weakness was reflected in the underperformance of the Nasdaq over the week though growth stocks outperformed value stocks overall. On the Macro side, durable goods orders dropped 5.4% in October, which is the second-biggest decline since April 2020. Slowing growth signals and dwindling inflation fears may have contributed to strong demand for a USD 16 billion auction of 20-year U.S. Treasury bonds on Monday.

From global influence to economic indicators, let's dive into the facets of this retail phenomenon!

The past week in fixed income was marked by a notable reduction in volatility, attributed in part to the Thanksgiving break. While rates experienced a modest uptick, the high beta credit (including CoCo bonds) segment emerged as an outperformer.

Gold and oil aren’t behaving as predicted, US inflation data for October came in below consensus expectations and will the S&P 500 rally for the year-end? Each week, the Syz investment team takes you through the last seven days in seven charts.

Soft US CPI sparks bonds & stocks buying spree The S&P 500 Index (+2.2%) built on its strong gains over the previous two weeks and moved above the 4,500 barrier for the 1st time since September. The week’s advance was notably broad, with the S&P 500 Index equally-weighted outperforming the S&P 500 by 1%. Value and small-cap indexes also outperformed. US Retailers earnings results were mixed; Target surged nearly 18% on Wednesday after beating consensus expectations while Walmart fell over 8% on Thursday, after it lowered guidance on increasing customer caution and falling prices for some goods. On Tuesday, the Labor Department reported that headline US CPI had remained unchanged in October, driven in part by a sharp drop in energy costs.

Fixed income investments thrived this week, benefiting from the perfect cocktail of a larger-than-expected decline in US inflation and a significant deterioration in the job market, marked by higher-than-anticipated US initial jobless claims.

The cost of US debt now exceeds $1 trillion per year, Gold is close to its all-time high and contrary to popular belief, portfolio diversification is not one of Warren Buffet's principles! Each week, the Syz investment team takes you through the last seven days in seven charts.

Big-Tech & Bitcoin Bid; Bonds & Bullion Battered The major US equity indexes finished mixed for the week. We note however that the S&P 500 Index came close to matching its longest winning streak in nearly two decades. Indeed, on Wednesday, the S&P 500 notched its eighth straight gain, while the Nasdaq marked its ninth. The market’s strength was exceptionally narrow, however, with an equally weighted version of the S&P 500 Index lagging its market-weighted counterpart by 190 basis points. Upside earnings surprises from some tech firms appeared to provide support to growth stocks. On Thursday, a $24 billion auction of 30-year U.S. Treasury bonds, which was met with the weakest demand in two years, triggered some profit taking on stocks as US Treasury yields climbed.

The US fixed income market witnessed some volatility this week, fueled by both supply factors and comments from the Fed. The US Treasuries yield curve concluded the week flatter by 15bps, indicating that the fight against inflation is still not ”close” to being done!