Metals and Crypto Slide: Silver Drops 9% as Brent Falls Back From “Very High”
Here’s where the key indicators sit versus their own history, plus the best and worst movers across companies and industries — and the risk and growth factors that may sit behind them. We don’t tell you what to do. We just show you what the data says, then close each section with a quick Read: the possible drivers, and what they could mean.
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01 · COMPANIES
Movers Above $10B Market Cap
▲ LEADERS
1 WEEK
- ICON PLC — +15.59%
- Evercore Partners Inc — +13.59%
- Kymera Therapeutics Inc — +10.61%
YEAR TO DATE
- Halozyme Therapeutics Inc — +85.84%
- Ternium SA ADR — +38.24%
- State Street Corp — +34.51%
YEAR ON YEAR
- LyondellBasell Industries NV — +60.71%
- Tenaris SA ADR — +55.54%
- CF Industries Holdings Inc — +52.53%
Capnote tip: common growth factors among top YTD names include positive EBITDA margin, positive profit margin, and leverage decrease.
▼ LAGGARDS
1 WEEK
- Garmin Ltd — -6.97%
- Boston Scientific Corp — -6.91%
- Marathon Petroleum Corp — -6.35%
YEAR TO DATE
- Zoetis Inc — -34.88%
- Deckers Outdoor Corporation — -22.37%
- Expand Energy Corporation — -16.12%
YEAR ON YEAR
- Xylem Inc — -38.43%
- Tractor Supply Company — -36.67%
- Copart Inc — -29.87%
Capnote tip: common risk factors among these YTD laggards include change in customer demand or preferences, competition intensity & availability of substitutes, and adverse capital markets access.
THE READ
Possible drivers: ICON PLC (+15.59%) and Kymera Therapeutics (+10.61%) put life-science names on the weekly leaderboard for a second straight week, following last week’s leader, Charles River Laboratories. Halozyme Therapeutics tops the YTD board for a second straight week, extending its lead to +85.84%. Marathon Petroleum’s -6.35% weekly drop came as Brent crude fell back from last week’s high, even as oil and chemical names like LyondellBasell, Tenaris, and CF Industries still hold the YoY leaderboard.
What it could mean: Refiners reacting to cooling crude, while energy-linked industrial and chemical names keep their longer-term leadership, suggests the oil trend is still intact over a year even if this week’s move was a pause. Zoetis is back at the bottom of the YTD board at -34.88%, a modest improvement from the -40.11% it showed when it last led the laggards three weeks ago, but still the weakest performer in this bracket.
02 · COMPANIES
Movers Below $10B Market Cap
▲ LEADERS
1 WEEK
- Replimune Group Inc — +40.14%
- Herc Holdings Inc — +30.83%
- Axogen Inc — +29.40%
YEAR TO DATE
- Cypherpunk Technologies Inc. — +161.26%
- Day One Biopharmaceuticals Inc — +144.84%
- Westrock Coffee Company — +134.09%
YEAR ON YEAR
- Andersen Group Inc. — +309.06%
- Day One Biopharmaceuticals Inc — +208.52%
- Calumet Specialty Products Partners — +153.94%
Capnote tip: common growth factors among top YTD names include revenue growth from last year, consistent revenue growth across recent years, and diversified business.
▼ LAGGARDS
1 WEEK
- Bicara Therapeutics Inc. Common Stock — -42.82%
- Clearwater Paper Corporation — -31.52%
- Artiva Biotherapeutics, Inc. Common Stock — -31.33%
YEAR TO DATE
- Suja Life, Inc. Class A Common Stock — -97.25%
- BOXABL Inc. — -82.46%
- Capricor Therapeutics Inc — -79.26%
YEAR ON YEAR
- Suja Life, Inc. Class A Common Stock — -97.25%
- SL Science Holding Limited Ordinary Shares — -88.53%
- Verra Mobility Corp — -86.67%
Capnote tip: common risk factors among these YTD laggards include change in customer demand or preferences, reputation or brand decline and impairment, and adverse capital markets access.
THE READ
Possible drivers: Biotech shows up on both sides of the small-cap board again: Replimune (+40.14%) leads the week, while Bicara Therapeutics (-42.82%) and Artiva Biotherapeutics (-31.33%) lead the laggards. Suja Life has now sat at the bottom of both the YTD and YoY boards in every report since mid-September, and BOXABL’s YTD loss has deepened to -82.46%, up from -77.79% three weeks ago.
What it could mean: Biotech on both ends of the board points to wide dispersion between individual names rather than a sector-wide move in either direction. BOXABL’s steady slide over several weeks looks like a compounding decline rather than a one-off, similar to what we’ve been tracking in Suja Life.
03 · INDUSTRIES
Industry Performance
Weighted-average market cap of listed companies using Capnote’s proprietary groupings.
▲ HIGHEST PERFORMING
1 WEEK
- Refining & Smelting — +29.88%
- Space Logistics — +11.32%
- Manufacturing — +9.15%
YEAR TO DATE
- Admin & Legal — +63.94%
- Computer Hardware — +56.82%
- Scientific Services & Tools — +53.51%
YEAR ON YEAR
- Refining & Smelting — +83.89%
- Operator — +69.92%
- Admin & Legal — +60.41%
Capnote tip: common growth factors among top YTD industries include capital markets access, product or service characteristics & qualities, and macroeconomic stability & growth.
▼ LOWEST PERFORMING
1 WEEK
- Education — -6.32%
- Children — -5.92%
- Printing & Publishing — -3.92%
YEAR TO DATE
- Recycling — -39.45%
- Energy Storage — -25.12%
- Children — -24.99%
YEAR ON YEAR
- Recycling — -52.86%
- Children — -41.33%
- Energy Storage — -32.56%
Capnote tip: common risk factors among these YTD laggard industries include competition intensity & availability of substitutes, change in customer demand or preferences, and adverse capital markets access.
THE READ
Possible drivers: Refining & Smelting is still the top weekly performer (+29.88%), its fourth straight week in that spot, and it still leads the YoY board (+83.89%). It dropped out of the YTD top three this week, though, with Admin & Legal taking the top YTD spot (+63.94%). Space Logistics swung from -13.16% two weeks ago to +11.32% this week. Recycling now sits at the bottom of both the YTD and YoY boards for a third straight report.
What it could mean: Refining & Smelting’s weekly gain has eased from its mid-October peak (+37.92%) as crude cooled, a sign the energy-linked momentum may be flattening even though the year-long lead is intact. Recycling’s persistent position at the bottom of both longer windows, report after report, remains one of the most consistent weak signals in the data.
04 · INDICATORS
Where the Big Levels Sit
Positions vs. a 5-year moving average. Level reflects standard deviations from the mean.
| Indicator | 1W % | Last | Level |
|---|---|---|---|
| US 10Y Treasury | -1.34 | 4.93 | High |
| S&P 500 | -0.57 | 7,580.07 | Very High |
| Hang Seng | +0.87 | 23,294.42 | High |
| Crude Oil (Brent) | -3.76 | 112.33 | High |
| US Dollar Index (DXY) | +0.15 | 101.96 | Average |
| Gold | -3.07 | 3,884.90 | High |
| Bitcoin | -4.78 | 77,226.43 | High |
THE READ
Possible drivers: Brent fell 3.76% to $112.33, dropping back from Very High to High after last week’s break above $116. Gold slid another 3.07% to $3,884.90, the lowest level in the weeks we’ve been tracking, and Bitcoin fell 4.78% for a fourth straight weekly decline. The US 10-year yield eased to 4.93%, its fourth consecutive pullback, yet the S&P 500 slipped again (-0.57%), its third straight weekly decline. The Hang Seng bounced +0.87% after last week’s -4.52% drop.
What it could mean: Yields easing for four straight weeks usually helps equities and gold, but neither is responding this week: stocks keep drifting lower and gold is at its weakest level in this series. With oil, precious metals, and crypto all falling together, the move looks like a broad pullback rather than a rotation from one asset into another. Whether equities stabilize now that yields have come back under 5% is the question for next week.
05 · WEEKLY MOVERS
Biggest Indicator Swings
▲ GAINS SINCE LAST WEEK
- Brazil 10Y · Very High — +18.67%
- Milk · Low — +9.57%
- Natural Gas · Low — +9.20%
- Turkey 10Y · High — +8.65%
- Indonesia 10Y · Very High — +2.65%
▼ LOSSES SINCE LAST WEEK
- Silver · High — -8.92%
- Lean Hogs · Very Low — -8.77%
- Platinum · High — -7.64%
- Oat · Average — -7.53%
- Heating Oil · Very High — -6.60%
THE READ
Possible drivers: Silver’s -8.92% drop is the largest loss on the board, and it has now appeared among the weekly losers in four of the last five reports, falling from 60.78 to 49.14 over that stretch. Platinum (-7.64%) fell alongside it, and gold’s own decline (-3.07%) means all three major precious metals lost ground this week. Heating Oil fell 6.60% but remains at a Very High level, while Natural Gas rebounded +9.20% from a Low level. Brazil’s 10-year yield jumped 18.67% after falling 12.16% three weeks ago.
What it could mean: Silver, platinum, and gold falling together points to a broad move across precious metals rather than a gold-specific story, and silver’s slide has now run for most of a month. Heating Oil staying at a Very High level even after this week’s drop shows how elevated energy prices remain despite Brent’s pullback. Brazil’s 10-year yield swinging sharply in both directions over three weeks is a volatile series worth watching.
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Market Trend Monday is provided for information only and reflects what the data shows. It is not investment advice, nor a recommendation to buy or sell any security. Figures are drawn from Capnote’s data and methodology and may differ from other sources. Always do your own research.