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| This Week's Gainers & Losers |
| Up: Strategy +22.43%: The U.S. company focused on holding bitcoin climbed despite a difficult start to the week. The adoption of a new strategic framework, including a dollar reserve policy, a dividend policy, share buybacks and the monetization of its bitcoin holdings, restored investor confidence. Rivian Automotive +19.19%: The California-based electric vehicle maker jumped after second-quarter deliveries beat expectations and the company raised its annual delivery guidance to 65,000 to 70,000 vehicles, from 62,000 to 67,000 previously. That also topped the FactSet consensus, which was looking for about 64,000 vehicles. AST Spacemobile +19.15%: The specialist in direct-to-smartphone satellite connectivity benefited from a Japanese government announcement. Tokyo is granting up to $912 million in subsidies to the satellite network project of Rakuten, a key partner of the company. The announcement strengthens the commercial credibility of AST SpaceMobile’s global rollout and revived investor appetite for the stock. Rocket Lab +18.83%: The launch services specialist rose after announcing the acquisition of Iridium Communications for $8 billion. The deal gives the company a constellation of 66 satellites and a vertically integrated global communications network. Bank of America raised its price target to $115 and Roth MKM to $130, with both citing the stronger competitive position against SpaceX. Roblox +16.51%: The online gaming platform benefited from an upgrade by Arete Research to buy, with the price target raised to $95, on the back of record engagement data. TD Cowen pointed to a 10% jump in concurrent users over one weekend, the strongest performance in more than two years. The platform’s return to Russia and the success of the Grow a Garden 2 experience further strengthened the case CMC Markets +55.98%: The British derivatives broker was lifted by a sharp upgrade to its financial outlook for fiscal 2026/2027, supported by what it described as exponential growth in its B2B business. The ambitious reset convinced investors, sending the stock sharply higher in London.Bridgepoint Group PLC +25.88%: The British asset manager climbed after announcing the acquisition of Kayne Anderson Real Estate for $1.39 billion, a deal that significantly strengthens its position in U.S. real estate. The CEO of the acquired company confirmed the agreement earlier this week, highlighting the strategic fit between the two businesses. Down: Sandisk -16.54%: The flash memory maker was hit after a company executive sold more than $1.25 million worth of shares during the week, a negative insider signal. The pullback in technology stocks on Wall Street, especially semiconductors, added to the pressure. Teradyne -15.51%: The semiconductor testing equipment specialist was also caught in the sector shock. A report pointing to a slowdown in HBM memory at SK Hynix triggered a broad selloff across the AI complex. At the same time, a Citi analyst raised doubts about the sustainability of spending by major cloud platforms on AI infrastructure, adding to the pressure on the company. Coreweave -15.36%: The provider of AI-focused cloud infrastructure was weighed down by a wave of insider selling. Three executives sold a total of about $18.5 million worth of shares over two trading sessions, fueling investor distrust. Pressure on the stock was compounded by Meta’s announcement of a competing cloud offering designed to monetize excess AI capacity. Sterling Infrastructure -12.92%: The U.S. data center infrastructure construction specialist was hit by a double blow. General counsel Mark D. Wolf sold 2,500 shares at $888 each. At the same time, the shock across the broader sector raised fresh questions about the company’s valuation, which several observers already considered stretched. Macom Technology -12.71%: The radio-frequency semiconductor specialist suffered from a negative signal early in the week. An executive sold more than $1 million worth of shares, according to an SEC filing, fueling investor caution. The sale came against an already fragile backdrop of a correction in the sector. |
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| Commodities |
Energy: Oil prices fell for a fourth consecutive week, bringing Brent down to $71.90 and WTI to $68.60 a barrel. The market is betting on a more or less rapid improvement in supply from the Middle East, as indirect talks between the United States and Iran appear to be making progress. Maritime traffic is partially resuming in the Strait of Hormuz. Flows remain below normal levels, but the gradual return of tankers is reducing the geopolitical risk premium. This normalization is changing market perception. It is reflected in the futures curve, which has moved back into contango. In practical terms, that means crude prices for near-term delivery are lower than contracts for medium- and long-term delivery. This points to abundant supply and no shortage risk. In the United States, oil is flowing freely, according to the latest EIA data, which show that U.S. production and exports have reached record levels. Metals: Industrial metals were mixed this week. Aluminum fell again, pressured by the improved supply outlook in the Middle East. Copper held up better and is trading around $13,326 in London. Investors are still watching talks between the United States and Iran, as well as the lack of any White House announcement on potential U.S. tariffs on refined copper. Among precious metals, gold rebounded sharply. The metal moved above $4,180 an ounce after weaker-than-expected U.S. job creation. The data reduced expectations of Fed rate hikes, a boost for gold, which pays no yield. Central bank purchases are also supporting the barbarous relic. Agricultural commodities: Grains were little changed this week in Chicago. The latest U.S. Department of Agriculture report surprised the market, as the USDA lowered its corn stock forecasts, but favorable weather prospects in the U.S. Midwest limited the rebound in prices. Wheat is trading around 600 cents a bushel, corn is flat at 440 cents, and soybeans are also little changed at 1,146 cents. |
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| Macroeconomics |
Macro: At the end of a shortened week in the United States because of the national holiday, investors are digesting the latest macroeconomic data. The jobs report and the forceful tone from the new Federal Reserve chair, who is determined to bring inflation back toward 2%, appear to have pleased the bond vigilantes. U.S. equities did not benefit much, however, because of the ongoing rotation away from AI-related and semiconductor stocks, while Europe continued to set new records. The performance gap between the Stoxx Europe 600 and the S&P 500 has now closed, with both up more than 9% since the start of the year. Even if more twists are almost certainly ahead, starting with the new quarterly earnings season, the 2026 vintage is shaping up well. Crypto: Bitcoin (BTC) regained some ground this week, rising 4.2% and moving back toward $62,000. It is still down 24% since early May and remains about 50% below its October 2025 all-time high of $126,000. Spot bitcoin ETFs are expected to post their eighth consecutive week of outflows, with $500 million in net withdrawals this week. In crypto, investors remain more focused for now on stablecoins, following the announcement of Open USD, backed by 140 major companies including Visa, Mastercard, Google, Shopify, BlackRock, BNY and Coinbase. The goal is to unify international payments infrastructure around a USD stablecoin. That could put pressure on the current leaders, Tether (USDT) and Circle (USDC). Among other cryptocurrencies, the largest tokens followed bitcoin higher: ether (ETH) rose 11% this week to $1,750, Solana (SOL) jumped 14% to $81 and XRP gained 5.9% to $1.11. |
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| Things to read this week | ||||||
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*The weekly movements of indexes and stocks displayed on the dashboard are related to the period ranging from the open on Monday to the sending time of this newsletter on Friday. The weekly movements of commodities, precious metals and currencies displayed on the dashboard are related to a 7-day rolling period from Friday to Friday, until the sending time of this newsletter. These assets continue to quote on weekends. |
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