Most major U.S. stock indexes finished the week lower as optimism surrounding large-cap technology and AI-related stocks was largely outweighed by concerns around accelerating inflation, rising Treasury yields, elevated oil prices, and lingering geopolitical uncertainty. Within the S&P 500 Index—which closed at a record high on Thursday before pulling back Friday—the energy sector advanced the most, while consumer staples and IT also posted gains. On the other hand, the consumer discretionary, real estate, and materials sectors led declines. U.S. Treasuries fell over the week as yields increased across most maturities in response to higher energy prices and inflation fears. As of Friday afternoon, the yield on the benchmark U.S. 10-year Treasury note had increased to around 4.59%, the highest level in over a year.

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Global equity markets rallied strongly in the week ending 8 May 2026, with technology and semiconductors at the centre of the advance. AI infrastructure spending commitments from major hyperscalers fired up chip stocks across the US and North Asia, while cybersecurity names surged on standout earnings. Geopolitical relief around the Strait of Hormuz and a resilient US labour market reinforced the risk-on tone. This weekly strategy note covers key drivers across US, European, and Asian equity markets

Meanwhile, we compare the AI bubble to the internet bubble. Each week, the Syz investment team takes you through the last seven days in seven charts.

Flash note

US equities extended their rally to a sixth consecutive weekly gain, the longest streak since 2024. The S&P 500 advanced 2.3% on the week, while the Nasdaq surged 4.5%, both setting fresh record highs. The Dow lagged at +0.2%. AI infrastructure remained the dominant engine — AMD jumped roughly 20% on the week and the Philadelphia Semiconductor Index added more than 10%, bringing its 2026 gain to 65%. April nonfarm payrolls printed at 115,000 vs. 65,000 expected, with unemployment steady at 4.3%, reinforcing the soft-landing narrative but strengthening hawkish FOMC voices as markets now flirt with bets of a Fed hike later this year.