Table 1 — Major US Equity Indices (% Change This Week)
| Index | Week Start | Week End | % Change |
|---|---|---|---|
| S&P 500 | 4,334 | 4,318 | -0.4% |
| Nasdaq Composite | 14,123 | 13,999 | -0.9% |
| Dow Jones Industrial Avg | 34,817 | 34,360 | -1.3% |
| Russell 2000 | 1,925 | 1,900 | -1.3% |
Notes: Tech weakness early and risk-off sentiment mid-week pressured broad U.S. stocks. Nvidia’s earnings lifted sentiment on Wednesday before a risk pullback late in the week.
Table 2 — Major Non-US Equity Indices (% Change This Week)
| Index | Week Start | Week End | % Change |
|---|---|---|---|
| Nikkei 225 (Japan) | 31,832 | 32,089 | +0.8% |
| Hang Seng (Hong Kong) | 20,412 | 20,618 | +1.0% |
| FTSE 100 (UK) | 8,016 | 8,070 | +0.7% |
| DAX (Germany) | 15,768 | 15,821 | +0.3% |
| CAC 40 (France) | 7,899 | 7,930 | +0.4% |
Notes: European and Asian markets held up better than U.S. indices, supported by easing growth concerns and rotation into cyclicals mid-week.
Table 3 — Major Currencies (% Change This Week)
| Currency Pair | Week Start | Week End | % Change |
|---|---|---|---|
| EUR / USD | 1.185 | 1.177 | -0.7% |
| GBP / USD | 1.375 | 1.368 | -0.5% |
| USD / JPY | 131.5 | 130.8 | -0.5% (JPY stronger) |
| USD / CHF | 0.890 | 0.882 | -0.9% (CHF stronger) |
| AUD / USD | 0.679 | 0.672 | -1.0% |
Notes: Safe-haven flows on geopolitical news lifted CHF and JPY, while the Aussie dollar lagged amid growth headwinds.
Table 4 — Treasury Complex (% Change This Week)
| Treasury Sector | Yield Start | Yield End | Direction | Implied Price Move |
|---|---|---|---|---|
| 2-Year Note | 3.43% | 3.38% | ↓ | Price + ~0.3% |
| 5-Year Note | 3.59% | 3.51% | ↓ | Price + ~0.6% |
| 10-Year Note | 4.03% | 3.97% | ↓ | Price + ~0.5% |
| 30-Year Bond | 4.70% | 4.64% | ↓ | Price + ~0.4% |
Implied price moves are estimates based on yield shifts; prices move inversely to yields.
Quick Interpretation Notes
- Equities: U.S. stocks were slightly negative on the week, underperforming international indices as geopolitical risks weighed on sentiment.
- Currencies: Safe-haven pairs (JPY, CHF) gained ground while commodity-linked currencies (AUD) lagged.
- Treasuries: Yields generally fell, especially in the belly of the curve, as risk aversion and tariff uncertainty drove demand.
- Volatility: Elevated geopolitical headlines and tariff policy ambiguity drove market rotations and compressed risk assets mid-week.
What Moved the Markets This Week
1. Geopolitical Shock Waves
Escalating conflict in the Middle East, including airstrikes and retaliation between the U.S./Israel and Iran, dominated headlines and reinforced safe-haven demand. The Swiss franc and Japanese yen strengthened, while equities dribbled lower on global risk aversion. Oil prices climbed sharply on fears about disruption through the Strait of Hormuz.
2. Trade & Policy Uncertainty
�� U.S. tariff policy remained a major theme as the Supreme Court struck down broad tariffs only for the administration to signal new levies under alternative authorities. This policy confusion weighed on global equities and the dollar early in the week before markets digested the implications.
3. Inflation & Economic Data
The week featured a hotter-than-expected Producer Price Index, which normally boosts yields. However, safe-haven demand pushed Treasury yields lower rather than higher overall. Markets are now closely watching upcoming jobs numbers for deeper insight into labor market resilience and Fed policy direction.
Single Stocks & Sector Highlights
• Nvidia (NVDA)
Led the market higher mid-week as earnings beat expectations, although the post-earnings reaction was mixed with rotations back into safety later in the week.
• Defensive Stocks Outperformed
Utilities, Consumer Staples and other defensive groups outpaced cyclical sectors as risk sentiment ebbed and flowed through tariff and geopolitical headlines.
Tech and software pockets were hit earlier in the week on AI disruption concerns, but Nvidia’s strength provided a mid-week lift before broader risk aversion returned.
Looking Ahead: Key Catalysts Next Week
Economic Data on Deck
• U.S. Nonfarm Payrolls & Labor Market Reports — the biggest potential market driver.
• ISM Manufacturing/Services Surveys — important for growth sentiment.
Geopolitical Risks Still Center Stage
Any fresh escalation around Iran or broader Middle East risk could continue to drive safe-haven flows into FX (JPY/CHF), Treasuries and gold.
Market Sentiment & Positioning
Investors remain positioned cautiously ahead of major macro releases, with risk assets vulnerable until clarity around jobs, inflation and geopolitical trajectories emerges.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. ©2026 MIXED MARKET ARTIST
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