Market Recap • Week 30 2025

Highlights from the week of Jul 21 - 27, 2025

The US overtakes Europe, Japan and China continue to rally, and the dollar continues to slide.

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Equities

America

• 🇺🇸 S&P 500 rallied 1.46% to another all-time high. One of the big themes this year has been the European outperformance of US stocks, but that ended this week with the S&P 500 flipping the STOXX 600 in year-to-date performance. The two indices are now up 8.62% and 8.34% respectively.
• 🇺🇸 Nasdaq Composite lagged the S&P but still gained 1.02% and closed at a new all-time high. The Nasdaq is now up 42.5% from the April lows and 9.31% for the year.
• 🇺🇸 Dow Jones Industrial rose 1.26% to its second highest weekly close in history, just barely below its prior all-time high from November of last year.
• 🇺🇸 Russell 2000 gained 0.94% for the week but is still more than 8% off its peak.
• 🇨🇦 TSX just continues to grind higher in an impressively stable uptrend, adding 0.66% this week for its eighth weekly all-time high in just 11 weeks.
• 🇲🇽 IPC rallied 1.87% for the week after having been down as much as 1.74% on Tuesday.
• 🇧🇷 Bovespa eked out a 0.11% gain but closed at the bottom of its intraweek trading range.
• 🇦🇷 Merval saw a massive surge of 5.87% for the week, despite dropping more than 3% during Monday and Tuesday.

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Europe

• 🇪🇺 STOXX 600 gained 0.54% this week but was still overtaken by the S&P 500 in year-to-date performance.
• 🇬🇧 FTSE 100 jumped 1.43% to another all-time high and extended its gain for the year to 11.59%.
• 🇩🇪 DAX continues to consolidate near its all-time high, inched down by 0.3% this week.
• 🇫🇷 CAC 40 eked out a 0.15% gain for the week.
• 🇩🇰 C25 vaulted 3.18% after four weeks with minor movements. The big gain was largely driven by strong rallies in Novo Nordisk and Maersk.

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Asia

• 🇯🇵 Nikkei 225 soared 4.11% to a new all-time high weekly close, surpassing its peak from a year ago.
• 🇨🇳 Hang Seng jumped 2.27% to another cycle high, closing at levels not seen since November 2021. The Hang Seng is now up more than 26% on the year.
• 🇮🇳 Nifty 50 declined 0.53% for the week.
• 🇰🇷 KOSPI eked out a 0.25% gain in its third week of sideways consolidation after a massive 39% run-up from the April lows.
• 🇹🇼 TSEC inched down by 0.08% this week.

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Currencies & Commodities

• 💰 The DXY failed to continue its rebound and declined 0.8% this to 97.674 week.
• 🇪🇺 USD.EUR dropped 1.06% to 0.8517 EUR.
• 🇩🇰 USD.DKK declined 1.03% to 6.3528 DKK.
• 🇬🇧 USD.GBP inched lower by just 0.12% to 0.744 GBP.
• 🇯🇵 USD.JPY weakened by 0.77% to 147.65 JPY.
• 🇨🇳 USD.CNH inched down by 0.19% for the week after hitting a new 8-month low on Thursday.
• 🥇 Gold rallied to begin the week but staged a reversal on Wednesday, closing the week down by 0.4% at $3,336 per ounce.
• 🥈 Silver saw similar price action as gold but ended the week virtually unchanged.
• 🥉 Copper was the big outperformer, rallying 4.12% this week to yet another all-time high.
• 🏆 Bitcoin is flat for the week at $117,400 as of Saturday morning (CET) after trading in a relatively tight range of $114,700 to $120,300 throughout the week.
• The altcoin market is taking a breather after last week’s massive jump, losing around 1.75% as of Saturday morning. The big laggard is Ripple (XRP) with a 8.5% decline while Binance Coin (BNB) and Solana (SOL) are outperforming with 3.4% and 2.8% gains.

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Bond yields

• 🇺🇸 The US 2-year has gained 1.34% and is back above 3.9%.
• 🇺🇸 The US 10-year fell 0.77% this week to a yield of 4.386%.
• 🇺🇸 The US 30-year once again backed off of the 5% level and dropped 1.28% for the week.
• 🇪🇺 The Euro 2-year jumped 4.86% to a yield of 1.922%, its highest level since March.
• 🇪🇺 The Euro 10-year rose 1.12% to 2.708%, also a 4-month high.
• 🇨🇳 The China 10-year rallied 3.7% to a 1.736% yield, the highest since pre-Liberation Day.
• 🇨🇳 The China 30-year surged 4.03% and briefly surpassed 2% for the first time since March.

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Other

• The VIX fell 9% this week and closed below 15 for the first time since February. The stock market is now just as calm as before the whole tariff debacle began.