Summary
- S&P 500 achieved two new highs last week, extending the bull run to a potential seven-month streak and an 87.5% gain since October 2022.
- Non-U.S. markets outperformed U.S. equities, with investors rotating from small caps and domestic
stocks into large caps and foreign equities.
- Precious metals, especially silver, led asset class returns, while Bitcoin and Consumer Staples lagged; Materials outperformed among equity sectors.
- Momentum favored mega-cap growth, notably Nvidia, while Tesla and Bitcoin saw notable declines; AI-driven names remain central to market leadership.
Last week we got two new market highs and 3 up days out of 4. Not bad for a holiday week. The usual suspects led the way higher (Mag 7, Large Caps, Growth) but there were some interesting crosscurrents going on
