See the ‘Market Data’ post.
Good evening,
Stocks climbed on Friday, positioning the three major indexes to finish the week with strong gains and at record highs. The Nasdaq Composite gained 4% this week and accumulated an 11% appreciation this year. Europe’s EuroStoxx 50 also gained 3.5% week-to-date and accumulated a 22% gain in $ terms in 2025.
Apple posted its best week in five years, rising 13%, as it moves closer to securing tariff exemptions following its announcement of multi-billion-dollar investments in the US.
The week’s top-performing sectors were consumer discretionary, information technology, and consumer staples, while healthcare (Eli Lilly’s selloff) and energy (crude oil) lagged.
Benchmark US interest rates shifted upwards by 7bp across the curve despite the increasing chances of a Fed rate cut in September following last Friday’s weak jobs report. However, in the past four weeks, Treasury yields declined 15bp across tenors. The 10-year bond yield finished the week at 4.29%, below this year’s average.
Gold futures rose to a new record high following a government clarification that import tariffs will apply to one-kilo gold bars, prompting confusion in the global bullion market. One-kilo bars are the most widely used form of gold traded on Comex. Gold bars from Switzerland, the world’s largest refining hub, were previously imported duty-free. US futures rallied as much as 3% to $3,500 during the day but pared gains to close mostly flat.
On the trade front, Trump cautioned courts not to overturn tariffs, calling the duties a ‘major boost’ for the stock market.
“It would be 1929 all over again, a GREAT DEPRESSION,” the President posted.
In politics, Trump fired the head of the Internal Revenue Service today.
Today saw minimal notable activity by central banks, on earnings releases or economic data.
Data tomorrow: China’s inflation. Next week: US inflation and RBA rate decision (25bp cut to 3.60% exp) on Tuesday; UK GDP on Thursday, and US and China’s retail sales on Friday.
There were no relevant earnings reports by US large caps on Friday. The next significant updates will come next Wednesday with Cisco, Tencent and E.ON as the Q2 earnings season is nearing its end. Almost 90% of S&P 500 members have already reported, with ~81% delivering positive revenue and net profit surprises, well above historical norms.
IPOs: Heartflow Inc. (HTFL), a Mountain View-based healthcare co that develops an AI-driven non-invasive platform for diagnosing and managing coronary artery disease, raised $317mn in its Nasdaq IPO today, priced at $19; shares rallied 50% for a total market value of $2.3bn.
US mortgage giants Fannie Mae and Freddie Mac, under government control since the 2008 financial crisis, could be listed this year for an estimated combined value of $500bn, according to press reports. Both trade on the OTC market and gained 20% today. (WSJ)
S&P reaffirmed China’s long-term sovereign rating at A+ with a stable outlook, citing strong fiscal stimulus and growth resilience despite challenges involving the property sector and tariffs. 10-year Chinese government bonds in yuans yield 1.70% unchanged year-to-date.
Headlines on the crypto space: Binance, the leading exchange, teamed up with Spain’s BBVA to allow customers to maintain custody off-exchange. (Reuters)
Canadian markets will be closed Monday for a holiday.
That’s all for this week. Enjoy your weekend.
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