The Nasdaq Composite led gains, driven by strength in mega-cap tech firms benefiting from AI-related spending. Market gains were narrow — the S&P 500 rose even though most sectors fell, and the equal-weighted index lagged by 2.7%. About two-thirds of S&P 500 companies have reported earnings and 83% are beating expectations. Results from the “Magnificent Seven” were mixed: Microsoft, Apple, and Meta fell post-earnings, while Amazon and Alphabet rose. NVIDIA’s shares surged, briefly pushing its market value above $5 trillion. U.S. President Donald Trump and China’s President Xi Jinping agreed to a one-year trade truce, easing tensions between the two nations. The deal included U.S. tariff reductions, China suspending export controls on rare earths, and resuming purchases of U.S. agricultural goods. Meanwhile, the Federal Reserve cut interest rates by 25 basis points to 3.75%–4.00%, as expected, but signaled caution on further cuts.

Flash note

Government bonds delivered mixed performance last week while credit and EM debt rose

Meanwhile, a record 85% of S&P 500 companies have beaten profit forecasts this quarter, marking the strongest earnings season since 2021. Each week, the Syz investment team takes you through the last seven days in seven charts.

Global equity markets advanced despite volatility from U.S.–China trade headlines and a spike in oil prices following sanctions on Russia’s top oil firms. In the US, Small- and mid-caps outperformed large caps, with technology and energy sectors leading gains while utilities and consumer staples lagged. The ongoing government shutdown delayed several economic reports, but September inflation data was released late. Headline inflation rose slightly to 3.0%, just below expectations, while core inflation held steady at 3.0%. S&P Global’s preliminary PMI readings showed business activity strengthening in October. U.S. Treasury yields fluctuated: short-term (1–3 year) yields rose, while the 10-year yield declined.

Flash note

Flash note

Government bonds rallied last week, credit markets shrugged off concerns around U.S. regional banks and EM markets rebounded

Global equity markets posted positive yet volatile performance during the week

Silver’s rising, who are its top producers and AI is writing faster than humans! Each week, the Syz investment team takes you through the last seven days in seven charts.