Weekly Market Bullets

for the week ending 8/8/2025

• US Equity Markets regained their footing last week, once again approaching record highs, though participation in the rally has narrowed. The S&P 500 rose 2.4% for the week and is now up 8.6% for the year. The S&P 500 Equal Weight, which is more indicative of the broader market, was up 0.8% for the week and is only up 4.5% for the year. The Nasdaq rallied 3.9% for the week to an all-time high to bring its gains for the year to 11.1%, while the Russell 2000 (small cap stocks) was up 2.4% for the week but remains down 0.5% for the year.

• Global Equity Markets posted healthy gains last week on hopes for an easing of the Russia/Ukraine conflict and more trade deal announcements. Developed Markets were up 2.9% for the week and are now up 18.3% for the year. Emerging Markets rose 2.3% for the week and are now up 16.6% for the year.

• Interest rates moved higher last week as some Fed governors suggested inflation may be stickier than hoped for. The yield on the US 10-Year Treasury increased to 4.28% from 4.21% the prior week, while the yield on the US 2-Year Treasury rose to 3.76% from 3.69% the prior week. Despite that, the probability of a Fed rate cut at its next meeting in September increased to 89% from 80% the prior week.

• Concentration is at the highest level in the S&P 500 in the last 45 years. As of Friday's close, the ten largest stocks in the S&P 500 accounted for almost 41% of the market value of the index. All ten of those stocks have a market capitalization over $1 trillion, with the largest stocks being Nvidia ($4.4 trillion), Microsoft ($3.9 trillion), and Apple ($3.4 trillion). For context, the smallest stock in the S&P 500 is Enphase Energy (ENPH) with a market value of $4.2 billion.

Market Data

for the week ending 8/8/2025