Plus, gold leaves its commodity counterparts behind as President Trump and Elon Musk feud. Each week, the Syz investment team takes you through the last seven days in seven charts.

Main U.S. equities indices closed higher for the 2nd week in a row. The Russell 2000 Index outperformed (up +3.2%), while the Nasdaq (+2.2%) and the Dow (+1.2%) both advanced to join the S&P 500 Index in positive territory for the year. At the sector level, Tech outperformed, due in part to upbeat sentiment around AI-related stocks. Tesla was a notable underperformer on the back of Trump-Musk breakdown. On the trade side, tensions between the U.S. and China continued to re-escalate and then eased on Thursday, as Trump and Xi Jinping held a phone call that “resulted in a very positive conclusion for both countries,” according to a social media post from Trump. The highlight of the week’s economic calendar arguably came from Friday’s closely watched US nonfarm payrolls report, which seemed to indicate the labor market is cooling but at a slower pace than many were anticipating. This helped offset the “Musk-Trump tantrum”.

Global fixed income enjoyed a relief rally this week as cooling inflation data and a temporary reprieve on tariffs bolstered sentiment, while major central banks reaffirmed a patient, data-driven policy stance.

Plus, the Magnificent 7 carries the S&P 500. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks rebounded during the holiday-shortened week, although major indexes faced some selling pressure late in the week and finished below their best levels. The Nasdaq led the way, gaining 2.01%, followed by the S&P 500 Index (1.88%). Smaller-cap indexes lagged. Equity markets opened higher following a weekend announcement from President Trump that he would delay the introduction of a new 50% tariff on imports from the EU until July 9. Later in the week, the U.S. Court of International Trade ruled that President Trump did not have the authority to impose the vast majority of the global tariffs that have been implemented since the start of his second term, sending stocks sharply higher on Thursday morning; however, the administration quickly appealed the ruling, and a federal appeals court put a temporary hold on the ruling Thursday evening, which led to stocks giving back some gains by the end of the week.

Rate markets were shaken this week by rising concerns over U.S. fiscal discipline and renewed tariff threats, prompting a sharp adjustment in Fed rate cut expectations and putting long-end yields and credit under renewed pressure.

Meanwhile, credit markets are expecting the US credit rating to be cut by six levels, and we see the world’s most expensive Papa John’s pizzas. Each week, the Syz investment team takes you through the last seven days in seven charts.

US stocks pulled back this week as investors have been digesting a Moody's downgrade of US debt, the House's passage of a budget bill that could further increase the Federal deficit, a slew of retailer earnings that suggest that the US consumer has been so-far undaunted by tariff uncertainties, and Friday's social media post from President Trump indicating that the EU could be hit with a much higher import tariff rate as soon as the end of next week if trade negotiations fail US small- and mid-cap indexes fared worst, while the S&P 500 Index and Dow Jones both fell back into negative territory for the year after ending the prior week slightly positive.

Long-end yields rose across developed markets, led by Japan’s 30-year breakout to a 25-year high, while cautious central bank messaging and supportive credit dynamics helped sustain risk appetite across fixed income.

Meanwhile, everyone’s in on gold—it's the most crowded trade by a mile. Each week, the Syz investment team takes you through the last seven days in seven charts.