Market Recap • Week 26 2025

Highlights from the week of Jun 23 - 29, 2025

The equity market got back in rally mode on the back of easing Middle East and trade tensions, sending US markets to new record highs.

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Equities

America

• 🇺🇸 S&P 500 rallied 3.44% this week and closed at a new all-time high of 6,173. This also concluded the fastest-ever recovery for the index from a +15% dip to a new all-time high. Just 12 weeks ago, the S&P was down 21% from its February peak.
• 🇺🇸 Nasdaq Composite outpaced the S&P with a 4.25% gain, also closing at a new record high of 20,273. The Nasdaq is now up 37% from the April bottom and 5% for the year.
• 🇺🇸 Dow Jones Industrial actually outperformed the S&P 500 as well, gaining 3.82% for the week. It’s still 3% away from its all-time high though.
• 🇺🇸 Russell 2000 continues to lag its peers but did rise 3% this week.
• 🇨🇦 TSX managed to gain 0.73% for the week despite news on Friday that trade talks with the US have been cancelled. The gain also meant a new all-time high for the Canadian index, its 5th weekly record in the past seven weeks.
• 🇲🇽 IPC gained 2% for the week after opening up Monday in the red.
• 🇧🇷 Bovespa inched lower by 0.18% as it continues to consolidate near its record highs.
• 🇦🇷 Merval declined another 1.12% to its lowest weekly close since November last year.

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Europe

• 🇪🇺 STOXX 600 gained 1.37% for the week after a 1.14% jump on Friday.
• 🇬🇧 FTSE 100 eked out a 0.28% gain after having been lower for most of the week.
• 🇩🇪 DAX rallied 2.92% and is once again within striking distance of its all-time high set in early June.
• 🇫🇷 CAC 40 gained 1.34% for the week but is still unchanged from a year ago.
• 🇩🇰 C25 fell 1.21% this week, dragged down by a 8.05% decline in Novo Nordisk.

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Asia

• 🇯🇵 Nikkei 225 surged 4.55% as is now bumping up against a level that served as resistance through a 4-month period starting in September last year. The index is up more than 30% from the April bottom.
• 🇨🇳 Hang Seng gained 3.2% for the week to close at a 3-year high of 24,284.
• 🇮🇳 Nifty 50 rose 2.09% to its third-highest weekly close on record. It has rallied 18% from the April bottom as is now just 2.5% away from its all-time high made all the way back in September of last year.
• 🇰🇷 KOSPI gained another 1.13% and is now up more than 34% since April and 18% in just the last five weeks.
• 🇹🇼 TSEC rose 2.42% this week and closed at its highest level since late February.

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Currencies & Commodities

• The DXY can’t seem to catch a break, falling another 1.54% this week to a new 3-year low of 97.254 after briefly dipping below 97 on Thursday.
• USD.EUR weakened by 1.64% to 0.853. It’s down more than 13% after nearly hitting parity in January this year.
• USD.DKK fell 1.69% to 6.363, a level not seen since 2021.
• USD.GBP dropped 1.94% to 0.729, its lowest weekly close since October 2021.
• USD.JPY weakened by 0.98% but remains above the 140 level that’s served as support since the end of 2023.
• USD.CNH inched down by 0.08% to its lowest level since late last year.
• Gold dropped 2.8% as sentiment overall shifted toward more risk-on.
• Silver stayed unchanged for the week at $35.96 per ounce.
• Copper vaulted 5% this week, almost nudging a new weekly record close.
• Bitcoin staged a strong comeback this week, rallying 6.4% to $107,500 as of Saturday morning (CET). If this level holds, it will be the second-highest weekly close on record. Bitcoin dominance also hit a new 4-year high of 66% this week.
• The altcoin market is performing in line with Bitcoin, up 6.3% for the week. Solana (SOL), Ethereum (ETH, and Ripple (XRP) are all up around 9%.

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Bond yields

• 🇺🇸 The US 2-year plummeted 4.1% for the week to a yield of 3.746%, its lowest weekly close since early April.
• 🇺🇸 The US 10-year fell 2.33% to 4.275%.
• 🇺🇸 The US 30-year declined 1.17% to a 2-month low of 4.833%.
• 🇪🇺 The Euro 2-year fell 0.54% to 1.847%.
• 🇪🇺 The Euro 10-year jumped 2.29% to a 2.587% yield.
• 🇨🇳 The China 10-year inched lower by 0.42% and remains stuck near historic lows.
• 🇨🇳 The China 30-year eked out a 0.32% gain for the week.

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Other

• The VIX plummeted almost 21% for the week and is back down to its lowest level since February near 16.