Biden stumbles in his first debate, credit card interest rates soar in the US, and Hoka's dream ascent continues. Each week, the Syz investment team takes you through the last seven days in seven charts.

Most major U.S. stock indexes posted gains in a light news week during what seemed to be a bit of a lull in market activity ahead of Q2 earnings reports. Small-caps and Tech stocks performed best, with growth style outperforming value. The banking sector performed well as media reports said that the Fed is considering significantly lighter additional capital requirements for banks than regulators originally proposed in the wake of the regional banking crisis in March 2023. This good news was followed by the Fed’s announcement that all 31 of the large U.S. banks they stress tested remained above their minimum capital levels. The main macro number of the week was Core PCE inflation which showed that prices excluding food and energy rose 0.1% from April.

The SNB lowered its key rate once again, Microsoft, Nvidia and Apple continue to dominate and who holds France's sovereign debt? Each week, the Syz investment team takes you through the last seven days in seven charts.

US stocks recorded modest gains over the shortened trading week (markets were closed on Wednesday), with the S&P 500 hitting 5,500 intraday for the 1st time ever. The week also saw modest signs of rotation in the market, with value stocks outperforming growth as Nvidia suffered its first down-week in two months. Friday was a so-called triple-witching day, with roughly USD 5.5 trillion in options related to indexes, stocks and ETFs expiring. The start of the week brought some evidence of US economy easing with retail sales signalling less discretionary spending. But data released later in the week suggested that the economy was stronger than indicated by retail sales.

The Fed remains cautious, wanting more data before deciding on a rate cut, while newly released US CPI data provided relief for the markets and the rise of Rassemblement National result in snap elections in France. Each week, the Syz investment team takes you through the last seven days in seven charts.

The major US equity indexes ended mostly higher for the week, with the S&P 500 Index and Nasdaq Composite touching new highs. The market’s advance remained exceptionally narrow for the 2nd consecutive week, however, with an equally weighted version of the S&P 500 trailing its more familiar, capitalization-weighted counterpart by 2.15%. The AI euphoria continues to provide a continuing tailwind to tech-related stocks and growth shares, which outpaced value stocks by the largest margin since March 2023 (461 basis points). Another factor behind growth shares’ outperformance may have been reassuring inflation data and falling bond yields. US headline CPI inflation was flat in May for the first time in nearly two years.

The US job market shows mixed signals, the ECB cuts rates and Nvidia overtakes Apple's market cap! Each week, the Syz investment team takes you through the last seven days in seven charts.

The S&P 500 and Nasdaq Composite indices both reached record intraday highs during the week while small & mid caps pulled back. Growth stocks outpaced value shares by the widest amount since early in the year on the back of falling longer-term interest rates. The start of the week brought some downbeat economic readings (e.g ISM manufacturing below 50.0), which appeared to lead to a return of worries about “stagflation” among some investors. The picture brightened at midweek as the ISM’s services jumped to 53.8 in May, its highest level in nine months. The upside surprise in the official US jobs report on Friday morning didn’t lead to a negative market's reaction as it was tempered by an unexpected rise in the unemployment rate to 4.0%, its highest level since January 2022.

Economic shift: US slows, Europe rises, Asia mixed As mid-2024 nears, the US economy shows signs of moderation, Europe gradually recovers, and Asia sees mixed performance with strong Chinese exports and a stabilising outlook in Japan despite a weak yen. Nvidia continues to live up to the hype, GameStop trading mania is back and in a surprising move, the U.S. SEC approved eight applications for spot Ethereum ETFs. Each month, the Syz investment team takes you through the last month in ten charts.

Nvidia’s market cap increased by $450 billion last week, meaning it now exceeds the total DAX index! Commodities continue to outperform the equity and bond markets. Each week, the Syz investment team takes you through the last seven days in seven charts.