Meanwhile, quantitative easing might be making its comeback. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks ended the week mixed. The Dow and S&P 500 saw slight gains, while the Nasdaq, S&P MidCap 400, and Russell 2000 declined. Through most of the week, markets fell as investors rotated out of high-growth and AI-related stocks due to valuation concerns. A volatile Friday helped some indexes recover. The longest U.S. government shutdown ended Wednesday after President Trump signed a temporary funding bill. Although this removed a key market headwind, stocks still dropped Thursday as uncertainty remained about the return to normal operations. Economic data releases became a focal point, with the BLS delaying some reports but confirming the September jobs report will come out on November 20. Comments from multiple Fed officials signaled caution and a preference to keep policy restrictive due to lingering inflation risks.

Flash note

The US government shutdown is casting uncertainties on growth and US rates outlooks, weighing on bond market performances

Global equity markets turned lower as investors shifted to a risk-off stance, ending a recent winning streak.

Meanwhile, we explain fiscal dominance and the global shift in nuclear power. Each week, the Syz investment team takes you through the last seven days in seven charts.

Despite a modest rebound on Friday afternoon, all major US equity indices declined over the week. The Nasdaq underperformed and recorded its weakest weekly performance since the sharp post–Liberation Day decline in early April. The market pullback can be explained by a number of factors: growing unease surrounding artificial intelligence developments, signs of labor market softening, ongoing tariff hearings, a lack of meaningful economic data, rising concerns over private credit, and persistently hawkish commentary from Federal Reserve officials. The U.S. federal government shutdown reached the longest on record during the week, which also appeared to weigh on broader sentiment.

A hawkish-sounding Powell drags government bonds and credit lower while elections drive EM debt higher

Equity markets ended October on a cautious note. The S&P 500 gained modestly though breadth narrowed sharply as the Mag-7 once again dominated leadership.

The Fed flinches, the bull runs, and the AI boom isn’t slowing, with NVIDIA claiming 8% of the S&P 500. Each week, the Syz investment team takes you through the last seven days in seven charts.