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Week 32 (3–7 August) was the week markets had been waiting for. Three concerns that had kept equities range-bound for most of the summer (doubts about the sustainability of AI spending, elevated oil prices driven by Middle East tensions, and the risk of further Federal Reserve tightening) all eased simultaneously. The result was a decisive breakout: the S&P 500 gained 3.6% on the week, its best weekly performance since April, and closed at a new all-time high of 7,757.64. The Nasdaq surged 5.2%, led by a sharp recovery in semiconductor stocks, while the Dow Jones added nearly 3%.
For the Rivativ model portfolios, it was the strongest week YTD. The combined portfolio gained +$11,417.74 (+2.82%) impressive in absolute terms, and a strong result in the context of a week where the S&P 500 itself was up 3.58%. Three of four portfolios essentially matched or outperformed the index outright; the fourth had a difficult week against the sharp directional rally.
A hotter-than-expected September CPI reignited October rate-hike fears, while an AI revenue disappointment triggered an eight-session semiconductor losing streak — but the Dow powered to an all-time high and oil's surge toward $100 made energy the week's standout sector. →
A hawkish set of FOMC minutes sent the 10-year briefly to a 24-year high before a strong Treasury auction and Trump's diplomatic overtures to Iran sent yields back down and equities higher, with the S&P 500 and Dow posting solid weekly gains on the doorstep of earnings season. →
A soft August PCE print and a sharply disappointing jobs report sent rate hike odds collapsing from 64% to 17%, rescuing equities from an otherwise bruising week shaped by geopolitical flare-ups and crumbling consumer sentiment. →
Treasuries hit 19-year highs as October rate hike odds climbed toward 70%, yet equities powered through the pressure, led by Meta's AI showcase and a broad technology rally. →
A four-day trading week packed four weeks of drama: WTI crossed $100 for the first time in years, August CPI kept the pressure on, and the S&P 500 fell for a fourth consecutive session before Friday's relief rally closed the week on a calmer note. →
