US Equities Weekly Rundown

US equities continued their rally to new highs led by tech and AI themes, while the ETF industry tracks toward a record $1.9 trillion inflow year. Despite the momentum, a significant mid-week wobble in high-beta stocks suggests potential exhaustion and a shift toward defensive hedging.

Key Takeaways

• 1.The S&P 500 reached a new all-time high, rising 2.3% for its 6th consecutive winning week, supported by earnings and easing geopolitical tensions.
• 2.The US ETF industry is seeing unprecedented growth, with inflows annualizing at $1.9 trillion, a 30% increase over the previous record.
• 3.A sharp 8% drawdown in High Beta Momentum (GSPRHIMO) occurred on Thursday, May 7th, driven by unwinds in secular AI themes and software coverage.

Table of Contents

• Portfolio Manager's Summary
• What We Are Reading and Listening to This Week
• Prime Services
• US Shares Sales Trading
• Futures Sales Trading and Strategies
• Derivatives Sales Trading
• ETF Trading
• Thematic Baskets and Macro Observations
• Sector Specialists Highlights

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