New U.S. tariffs on Canadian imports, including a 10% levy on uranium, could disrupt nuclear energy, which powers 20% of U.S. electricity. However, swift Canadian action on fentanyl trafficking has delayed the tariffs, easing immediate supply concerns. A trade war remains unlikely due to strong economic ties.

January saw global bond markets rally despite Trump’s tariff shock, the Fed’s cautious stance, and the ECB’s fifth rate cut—while EM bonds outperformed, fueled by easing U.S. rates and strong technicals.

Nvidia’s market cap dropped, DeepSeek continues to disrupt, and European banks outperformed the Mag 7. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks finished the volatile week mostly lower, although the Dow rose modestly to notch its third straight week of gains. The Nasdaq Composite experienced a particularly steep drop on Monday, driven by a sell-off in tech stocks in response to the emergence of DeepSeek, a Chinese AI developer, which released a new open-source large language model that reportedly requires much less energy and processing power than other leading AI applications, leading to competitive concerns in the broader AI space. The news led to shares of NVIDIA falling nearly 17% on Monday.

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Markets navigate a complex landscape marked by the Bank of Japan's rate hike to 0.50%, Trump's forceful return to monetary policy debates, and European credit spreads reaching multi-year lows, setting the stage for heightened volatility ahead.

Only 29% of S&P 500 stocks beat the index, gold hits a record GDP share, and U.S. bitcoin reserve legislation advances. Each week, the Syz investment team takes you through the last seven days in seven charts

The S&P 500 Index notched a new record high on Thursday before dipping modestly lower on Friday. Growth stocks outperformed value shares during the week for the 1st time this year. Large-caps generally outperformed small-caps. It was a quiet week on the US macro front although it ended on a very down note as Services PMI plunged and inflation expectations soared. Headlines during the week were largely dominated by political developments in the wake of Monday’s inauguration of President Trump. Notably, he did not impose a new round of tariffs on day one—as some had feared—and instead, called for a review of U.S. trade policies to determine the impact of potential future tariffs.

Softer inflation data sparks a global bond rally, Japanese yields hit multi-year highs, and credit markets rebound with resilience, shaping an optimistic start to 2025.

On Friday night, President Donald Trump launched a Solana meme coin named $TRUMP, which has exploded in price in a matter of 48 hours.