Market Recap • Week 19 2025

Highlights from the week of May 5 - 11, 2025

US equities took a breather this week while some indexes made new all-time highs during a relatively slow news week.

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Equities

America

• 🇺🇸 S&P 500 had its least volatile week since March and closed just 0.47% lower. Some consolidation seems in order after the past month’s crash and V-shaped recovery.
• 🇺🇸 Nasdaq Composite lost 0.27% for the week and remains around 11% off its peak.
• 🇺🇸 Dow Jones Industrial inched down by 0.16% and closed right in the middle of its intraweek trading range.
• 🇺🇸 Russell 2000 managed to eke out a gain of 0.12% but is still 18% off of its all-time high.
• 🇨🇦 TSX continued its impressive rebound and added 1.3% this week. This was its highest weekly close since February.
• 🇲🇽 IPC had a volatile week with strong gains Tuesday and Wednesday, followed by a big drop on Thursday. It still ended the week 1.32% higher though.
• 🇧🇷 Bovespa rose 1.02% to a all-time record weekly close. It’s now up 13.49% in 2025 alone.
• 🇦🇷 Merval gained 0.64% for the week after a 2.55% jump on Friday.

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Europe

• 🇪🇺 STOXX 600 eked out a 0.29% gain for its fourth consecutive week in the green.
• 🇬🇧 FTSE 100 declined 0.48% but is still up more than 13% over the past month.
• 🇩🇪 DAX continues to be one of the most impressive indexes right now. This week, it jumped 1.79% and broke out to a new all-time high. The index has rallied 27% since the April 7 bottom and is up 18% on the year.
• 🇫🇷 CAC 40 inched down by 0.34% this week.
• 🇩🇰 C25 went back to lagging the broader market with a decline of 1.4%.

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Asia

• 🇯🇵 Nikkei 225 rallied 1.83% for the week and extended its gains to 21.5% since early-April.
• 🇨🇳 Hang Seng jumped 1.61% for the week and is now down just 8% from the local March peak.
• 🇨🇳 CSI 300 outperformed the Hang Seng for once, gaining 2% for the week.
• 🇮🇳 Nifty 50 fell 1.39% for the week as it attempts to get back to a sustained uptrend.
• 🇰🇷 KOSPI rose 0.68% this week.
• 🇹🇼 TSEC eked out a 0.61% gain for the week after a 1.81% jump on Friday.

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Currencies & Commodities

• The DXY continued its recovery with a 0.39% gain this week. The dollar index has now rebounded 2.5% from the local bottom in April but is still down 10% from the peak in January.
• USD.EUR strengthened 0.45% for the week to 0.889 EUR.
• USD.DKK rose 0.44% to 6.629 DKK.
• USD.GBP inched down by 0.25% to 0.752 GBP.
• USD.JPY gained 0.28% and is back above 145.
• USD.CNH rebounded 0.42% after last week’s big 1.08% drop.
• Gold got back in rally mode with a 2.65% gain after pulling back in the past two weeks, although it closed well off of its intraweek high.
• Silver rose 2.25% for the week.
• Copper underperformed gold and silver with a 0.83% decline this week.
• Bitcoin had a massive week, gaining 9.5% to $103,200 as of Saturday morning (CET). This will be bitcoin’s 5th straight week of gains and extend its rebound to 38% from the April 7 bottom.
• The altcoin market has had an even better week, led by an almost 30% gain in Ethereum (ETH). Solana (SOL) and Binance Coin (BNB) outperformed bitcoin as well with gains of 18.5% and 12.4% respectively. The altcoin market overall is up by 15% for the week.

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Bond yields

• 🇺🇸 The US 2-year yield rose 1.75% to a 1-month high of 3.889%.
• 🇺🇸 The US 10-year yield gained 1.72% to 4.382%.
• 🇪🇺 The Euro 2-year yield inched down by 0.11% to 1.79%.
• 🇪🇺 The Euro 10-year yield eked out a 0.63% gain and closed the week at 2.552%.
• 🇨🇳 The China 10-year yield rose 0.92% but remains near historic lows.
• 🇨🇳 The China 30-year yield gained 1.6% and closed back above 1.9%.

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Other

• The VIX actually picked up again on Monday and Tuesday but then declined to close the week 3.44% lower at 21.90.