The past month largely reinforced existing trends across currency and bond markets, with volatility remaining subdued overall. The clearest exception came from the technology sector, where several sharp moves lifted both individual names and the Nasdaq more broadly. While tensions in the Middle East continued to act as a persistent background risk without any immediate resolution, investor focus shifted back toward the US earnings season.
Earnings from major US technology companies came in notably strong. At the same time, the equal-weighted S&P 500 remained largely flat, suggesting that overall market breadth stayed relatively constrained. In effect, index gains continued to be driven primarily by the dominance of the technology sector, while metals and crypto did not follow the same trajectory. Gold came under pressure for most of the period, while Bitcoin maintained a modestly bullish tone.
S&P500 index vs SPXEW (Equally weighted SP&500 index). Source: Tradingview.com
Among individual equities,
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