Market Recap • Week 10 2025

Highlights from the week of Mar 3 - 9, 2025

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Equities

America

• 🇺🇸 S&P 500 saw its worst week since early September, dropping 3.1% and erasing all post-election gains. And that’s despite a 1.8% intraday rebound on Friday.
• 🇺🇸 Nasdaq Composite matched last week’s poor performance with a 3.45% decline. The index has now dropped more than 9% in three weeks.
• 🇺🇸 Dow Jones Industrial held up slightly better than the S&P and Nasdaq, declining “just” 2.37% for the week as more speculative and high-growth stocks got hit the hardest.
• 🇺🇸 Russell 2000 plummeted 4.05% to its lowest weekly close since early August when the unwinding of the yen carry trade tanked markets.
• 🇨🇦 TSX fell 2.5% as Trump’s tariffs took effect on Tuesday.
• 🇲🇽 IPC bucked the trend with a 0.98% gain for the week after having been down more than 2.5% in early trade on Tuesday when Mexico got hit by US tariffs.
• 🇧🇷 Bovespa rose 1.82% for the week.
• 🇦🇷 Merval gained 2.56% for the week but is still down 21% from its January peak.

Europe

• 🇪🇺 STOXX 600 fell 0.69% for the week after reaching a new all-time high on Monday.
• 🇬🇧 FTSE 100 followed the broad European index and declined 1.47% for the week after topping on Monday.
• 🇩🇪 DAX rallied another 2.03% to a new record high, now up an impressive 15.57% in 2025 alone.
• 🇫🇷 CAC 40 eked out a 0.11% gain after a volatile week.
• 🇩🇰 C25 dropped 2.11% for the week on the back of Novo Nordisk’s 7.28% decline.

Asia

• 🇯🇵 Nikkei 225 declined 0.72% for the week after a 2.17% drop on Friday.
• 🇨🇳 Hang Seng soared 5.62% to a new 3-year high.
• 🇨🇳 CSI 300 gained 1.39% for the week and continues to lag the mainland index.
• 🇮🇳 Nifty 50 rose 1.93% for the week but remains 14% off of its record high from September.
• 🇰🇷 KOSPI gained 1.21% for the week.
• 🇹🇼 TSEC dropped 2.07% to its lowest weekly close this year.

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Currencies & Commodities

• The DXY plummeted 3.4% for its worst week in over two years as fears of an economic slowdown in the US hit the dollar.
• USD.EUR was the main drag on the dollar this week, weakening 4.22% to its lowest level since November.
• USD.DKK dropped below $7 for the first time since before the November election.
• USD.GBP fell 2.67% to 0.774.
• USD.JPY weakened 1.71% to 148, its lowest since early October.
• USD.CNH declined 0.69% for the week, once again backing off of the 7.36 level that has served as resistance multiple times over the past few years.
• Gold got back in rally mode and gained 1.83% after last week’s 2.66% drop.
• Silver jumped 4.46% for the week to its highest close since October.
• Bitcoin continues to struggle, losing 8.3% for the week as of Saturday morning (CET). The price of BTC is currently around $86,400, down almost 21% from the January peak.
• The altcoin market is doing even worse, plummeted 11.5% for the week as of this writing. Both Solana and Ripple are down around 20% for the week while Ethereum has lost around 15%.

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Bond yields

• 🇺🇸 The US 2-year eked out a 0.33% gain and closed at exactly 4% after falling to 3.85% early in the week.
• 🇺🇸 The US 10-year gained 2.43% to 4.305% after touching a 4-month low of 4.108% on Tuesday.
• 🇪🇺 The Euro 2-year rallied 13.3% from around 2% to 2.266% for its largest 1-week gain in over two years. The big jump came on the back of Germany’s promise of massive stimulus on Tuesday.
• 🇪🇺 The Euro 10-year made an even wilder move, soaring 19.49% for the week to 2.851% to get within striking distance of a 14-year high.
• 🇨🇳 The China 10-year gave up 0.96% for the week and remains near historical lows.
• 🇨🇳 The China 30-year eked out a 0.26% gain for the week.