Meanwhile, US national debt reaches an all-time high. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. equities gained this week, largely driven by bets that the Fed would lower rates at its next meeting in September. The Russell 2000 Index outperformed the S&P 500 Index by the widest weekly margin since April. July CPI US inflation data - published on Wednesday - showed that headline inflation cooled modestly in July, with MoM inflation dropping to 0.2% from June’s reading of 0.3%. However, core inflation accelerated to 0.3% from 0.2% in the prior month. Year-over-year jumped to 3.1%, the highest since February. Later in the week, however, the BLS reported that its producer price index (PPI) reaccelerated in July, rising 0.9% compared with estimates for around a 0.2% increase.

A quick update about new US inflation data and our FED monetary policy outlook

Interest rates bounce up after the post-US payroll drop, while credit market recover.

Plus, US exceptionalism still stands strong. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. equity indexes advanced for the week, rebounding from the prior week’s sell-off. The Nasdaq Composite performed best, closing the week at a record high, followed by the S&P 500 and Russell 2000 indexes. Apple announced that it would invest $100 billion—in addition to a previously announced $500 billion—in developing U.S.-based manufacturing over the next four years, which would reportedly exempt the company from the Trump administration’s steep tariffs on semiconductors. Shares of the iPhone maker closed the week 13.3% higher, helping support the broader indexes. The Trump administration’s new round of global tariffs kicked in on Thursday but the market reaction appeared to be more muted compared with other recent tariff actions.

Interest rates and credit spreads swung sharply following weak July payrolls and a wave of new tariffs, though many carve-outs and exemptions have softened the overall impact.

Meanwhile, the US/EU trade agreement sparks tension—does Europe have a choice? Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stock indexes recorded their worst week since the early April sell-off. The Russell 2000 fell 4.2%, followed by the Dow Jones (down 2.92%) and S&P 500 (down 2.36%). The Nasdaq Composite held up best (down “only” 2.17%) helped by Microsoft and Meta which reported strong earnings. According to data from FactSet, of the 66% of S&P 500 companies that have reported through Friday morning, 82% have beaten consensus earnings estimates, with a blended earnings growth rate of 10.3%. On Thursday, President Trump signed an executive order to raise tariffs on the vast majority of U.S. trading partners, effective August 7, which appeared to weigh heavily on stock indexes on Friday.

Analysis of FED decision and press conference on 30.07.2025