Most U.S. stock indexes declined for the 2nd consecutive week, although the Dow finished 0.95% higher, adding to its year-to-date outperformance versus the other major indexes. Growth stocks significantly underperformed, and the Nasdaq recorded its worst weekly drop since early September as shares of NVIDIA fell 8.5% on Thursday following the chipmaker’s highly anticipated earnings report. Tariff fears also continued to be a drag on equities as President Trump reiterated plans to impose new levies on several trade partners by March 4. On the macro side, the US core personal consumption expenditures (PCE) price index rose by 0.3% in January, in line with expectations.

Gold has been trading near record highs, consolidating for the past few weeks around USD 2900.

Flash note

Flash note

Global fixed income markets remained volatile as Treasuries yields hit 2025 lows, ECB rate cut expectations waver, and China's bond yields spike, hinting at a potential economic rebound.

The EU’s most costly budgets, bitcoin’s market swings, and rising US bankruptcies. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major equity indexes declined during the week after the S&P 500 closing at record highs on Tuesday and Wednesday. However, indexes retreated sharply in the latter half of the week. Many of the week’s headlines centered around tariff news and amid President Trump’s efforts to end the Russia-Ukraine conflict. Investor’s sentiment worsened on Thursday partially due to Walmart’s Q4 earnings report. While the retailer beat estimates for the quarter, its guidance for the year ahead fell short, which led to concerns regarding consumer spending and the health of the overall economy. Elsewhere, the S&P Global flash Composite PMI reading came in at a 17-month low of 50.4.

What is at stake, what to look for, and what are the implications?

Stronger-than-expected U.S. inflation data briefly sent rate cut expectations tumbling before weak retail sales and PPI data reversed the move. Meanwhile, European bonds reacted to GDP surprises, while emerging markets saw sharp divergences—Ukrainian bonds rallied on peace talk hopes, but Mexican debt widened amid political tensions.

Global stocks outshine US in 2025 so far and Ukrainian peace talks spark economic momentum. Each week, the Syz investment team takes you through the last seven days in seven charts.