US markets enjoyed a strong week, with the S&P 500, Nasdaq, Dow Jones, and Russell 2000 all simultaneously reaching all-time highs – the first such feat since 2021.1 Investors cheered after the Federal Reserve delivered a widely expected 25 basis point rate cut, while upbeat economic data, including stronger retail sales and lower unemployment claims, added to the optimism.2 The week concluded on a high note as an apparently constructive call between President Trump and Chinese President Xi produced a tentative TikTok deal, signalling a potential easing in US-China tensions.3
Australian markets moved in the opposite direction, weighed down by energy stocks as crude oil prices softened. Broader sentiment was risk-off, with investors scaling back expectations for September rate cuts after unemployment figures held steady in August. Although the economy shed 5,400 jobs during the month, the unemployment rate was unchanged as fewer people were reportedly seeking new work.4
Uranium and nuclear energy ETFs (ATOM, URNM) were some of the top performing funds last week, boosted by the US Energy Secretary speech at the IAEA conference.5 The top energy official said the US should look to boost its strategy uranium reserve to buffer against Russian supplies and increase confidence in the long-term prospects of nuclear power generation.
In the world of commodities:
- Hydrogen firms (HGEN) rallied as investors increasingly positioned the sector within the “AI infrastructure” theme, following Oracle’s strong earnings surprise given bellwether stock Bloom Energy’s hyperscale power contract with the company.6
- Precious metals (ETPMPM) are surging higher as investors bet that interest rate cuts will push the metals higher.
- Silver (ETPMAG) extended its rally after the US Geological Survey added the metal to its “critical minerals” list, heightening concerns that President Trump could impose import tariffs. 7
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