U.S. stocks rose for the week, recovering from the previous Friday’s steep sell-off, the S&P 500’s worst day since April. The rebound came amid easing U.S.-China trade tensions, dovish comments from Federal Reserve officials, and optimism from new deals in the artificial intelligence sector. The start of Q3 earnings season further boosted sentiment, as major banks like JPMorgan Chase, Citigroup, and Wells Fargo all beat expectations. By Friday, 12% of S&P 500 companies had reported, with 86% exceeding earnings forecasts, according to FactSet. However, gains were partly reversed on Thursday after two regional banks revealed loan issues linked to alleged fraud, reigniting concerns about credit risks and the health of smaller lenders.

Flash note

Flash note

Global equity markets rebounded last week, recovering from 3 consecutive days of declines in late September

Credit markets experienced their sharpest weekly widening since early April last week while Government bond markets rallied

Investors flock to real assets as fiat erosion fears mount, AI isn’t just eating the world — it’s devouring electricity, with energy demand set to surge faster than many power grids can handle. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks fell for the week as renewed U.S.-China trade tensions and concerns over the prolonged government shutdown weighed on sentiment. Early gains, driven by enthusiasm for AI-related companies and a major AMD-OpenAI partnership that boosted AMD shares over 20%, were erased after President Trump threatened major new tariffs on Chinese goods. Gold surged past $4,000 per ounce, reflecting heightened geopolitical and economic uncertainty. Investors are now focused on the upcoming Q3 earnings season, especially since the shutdown has halted major economic data releases. Analysts expect the S&P 500 to post its ninth straight quarter of earnings growth.

USD yields declined last week on fears of labor market weakening while credit and EM markets remained strong

Global equity markets rebounded last week, recovering from 3 consecutive days of declines in late September

Meanwhile, markets have a history of bouncing back from US shutdowns—will this time be any different? Each week, the Syz investment team takes you through the last seven days in seven charts.