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Your Sunday Market Brief
Opening Insight
Good Morning Ladies,
Markets opened the week with confidence but closed in chaos. Record highs midweek gave way to one of the sharpest Friday selloffs in months as a revived U.S.–China trade conflict sent investors fleeing from risk. The optimism that had defined much of early October suddenly collided with the reality that markets remain fragile when policy shocks resurface.
The S&P 500 and Nasdaq both touched new all-time highs by Thursday, only to reverse sharply after President Trump threatened “massive” tariffs on China. By Friday’s close, both indexes had lost nearly three percent for the week. After weeks of calm, volatility returned with force — a reminder that even bull markets stumble when politics enters the mix.
Still, this isn’t a time to panic. Short, policy-driven pullbacks are common late in market cycles, and the broader trend remains resilient. What matters now is how investors react in the days ahead: whether confidence rebuilds or caution takes hold.
Market Recap
U.S. stocks swung violently through the week. Early strength came from technology and consumer discretionary names — chipmakers and electric-vehicle stocks in particular — on renewed excitement around artificial intelligence. But by Friday, that optimism had evaporated as tariff fears and renewed trade tension sparked a broad selloff.
The S&P 500 fell 2.7 percent on Friday and the Nasdaq dropped 3.6 percent, their steepest single-day declines in months. For the week, both indexes lost roughly 2.4 to 3 percent. The Dow followed with similar losses. Investors rotated quickly out of growth and into defensive sectors such as consumer staples, leaving market breadth narrow and sentiment shaky.
The S&P 500 hit new all-time highs early in the week as enthusiasm around AI and easing inflation carried markets forward. However, late-week volatility erased much of those gains after renewed trade shockwaves entered the picture. The index’s performance this week underscores how sensitive broader sentiment is now to policy and geopolitical headlines — raw upside is possible, but it’s now playing with a tighter margin of error.
The Nasdaq continued to lead the S&P early on, powered by megacap tech and semiconductor strength. But by Friday, it was one of the worst hit—down significantly as high-multiple names were sold off. That sharp reversal shows how exposed tech is when risk appetite shifts. This week was a stark reminder: leading sectors can turn on a dime when macro fear sets in.
Stocks That Won The Week
Advanced Micro Devices surged about 24 percent after announcing a major AI partnership with OpenAI. The deal is expected to generate tens of billions in new chip sales, igniting renewed enthusiasm for AMD’s role in powering AI infrastructure. Even after late-week volatility, AMD finished as one of the market’s standout winners.
Oklo, the nuclear energy start-up, caught attention as investors bet on its role in powering AI infrastructure and decarbonization. Despite being a revenue-less company, it’s seen as a speculative growth play in the energy transition — and this week it recorded significant upside.
PepsiCo gained about 8 percent for the week after strong earnings and news of a leadership shake-up. The company’s better-than-expected results and activist pressure from Elliott Management lifted the stock nearly 4 percent on Thursday and another 3 percent on Friday, making it one of the S&P 500’s top performers.
Stocks That Lost The Week
Levi Strauss fell nearly 12 percent after warning that new import tariffs on Chinese goods would squeeze margins. Management highlighted the potential impact of 100 percent tariffs, overshadowing solid sales results and sending the stock to one of the week’s sharpest declines.
Qualcomm slid about 7 percent as Chinese regulators opened an antitrust probe into its $7 billion acquisition of Autotalks. The move, widely viewed as a response to U.S. trade actions, raised concerns over Qualcomm’s exposure to China and weighed heavily on semiconductor stocks.
Amazon lost around 5 percent for the week, with most of the damage coming on Friday. Tariff threats hit large retailers hardest, and Amazon — a major importer of consumer goods — saw immediate pressure on expectations of rising costs and disrupted supply chains.
Sector Snapshot
Sector | Weekly Change | YTD Change |
|---|---|---|
Technology | −3.5 % | +19.9 % |
Energy | −4.8 % | −0.4 % |
Financials | −3.6 % | +7.3 % |
Industrials | −3.9 % | +13.1 % |
Healthcare | −2.1 % | +2.8 % |
Technology and growth stocks led early but were hit hardest by Friday’s reversal. Energy and financials also weakened, while healthcare and consumer staples offered modest defense. The week’s rotation underscored the fragility of sentiment as traders shifted from risk-taking to preservation.
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Crypto Recap
Cryptocurrencies mirrored the turbulence in equities. Bitcoin briefly reached an all-time high above $125,000 early in the week before retreating to roughly $114,000 by the weekend. The move reflected a mix of profit-taking and broader risk aversion after the stock-market selloff.
Ethereum followed a similar path, rising early then easing late, while Solana and XRP saw sharper volatility. Despite the pullback, Bitcoin remains dramatically higher year-to-date — proof that institutional interest and ETF speculation continue to underpin sentiment even in choppy weeks.
Performance Overview
Asset | Weekly Change | YTD Change |
|---|---|---|
Bitcoin (BTC) | −11.3 % | +19.2 % |
Ethereum (ETH) | −18.6 % | +14.3 % |
Solana (SOL) | −23.4 % | −4.6 % |
XRP | −22.2 % | +13.4 % |
Mover Of The Week
Bitcoin remains the week’s focal point. Its surge to new highs and subsequent pullback capture the dual nature of 2025’s crypto market — excitement fueled by adoption headlines, tempered by rapid corrections whenever global risk sentiment sours.
Commodities Recap
Commodities reflected the market’s flight-to-quality this week. Precious metals advanced as investors sought safety from equity volatility, while industrial inputs like oil and copper retreated on growth worries. Gold’s surge near record territory contrasted sharply with energy’s pullback, underscoring how defensive positioning dominated the week’s tone.
Asset | Weekly Change | YTD Change | Context |
|---|---|---|---|
Gold | +1.6 % | +52.7 % | Haven flows lifted gold back toward record highs as equities fell. |
Oil (WTI) | −6.4 % | +22.9 % | Energy prices slid on growth concerns and easing geopolitical risk. |
Copper | −3.5 % | +19.2 % | Industrial metals weakened with global manufacturing softness. |
Silver | +2.4 % | +71.7 % | Followed gold’s bid; strength tied to both safe-haven and industrial demand. |
Macro Drivers
Economic data took a back seat to politics. Federal Reserve officials reiterated a cautious, data-dependent stance, and with several government agencies closed under a partial shutdown, investors turned to private reports for guidance. The 10-year Treasury yield eased to about 4.06 percent, down from 4.14 the day before, reflecting a flight to safety and rising expectations of a Fed rate cut later this month.
Tariff tensions dominated headlines after President Trump unveiled new levies on Chinese imports — including 50 percent on furniture and 25 percent on trucks. The announcement sparked rotation out of retailers and manufacturers reliant on global supply chains. Inflation data, limited by the shutdown, showed only gradual cooling, leaving monetary-policy expectations unchanged.
Final Take
After weeks of calm, markets were jolted back to reality. A midweek surge fueled by AI enthusiasm and falling yields gave way to panic selling as trade fears resurfaced. The S&P 500, Nasdaq, and Dow all finished the week lower, while gold and Treasuries rallied.
The broader picture is one of resilience laced with fragility. Economic fundamentals remain intact, but sentiment can shift on a headline — and this week proved it. Whether this pullback marks a turning point or just another shakeout will depend on how policymakers and investors respond in the coming days.
For now, caution outweighs euphoria. The lesson: bull markets don’t end quietly — they test conviction first.