Oil Breaks Higher Again: Brent Tops $109 as the S&P 500 Slips
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
- Cognizant Technology Solutions Corp Class A — +10.20%
- Ball Corporation — +6.53%
- Haleon plc — +5.69%
YEAR TO DATE
- Tenet Healthcare Corporation — +34.02%
- Airbnb Inc — +30.29%
- State Street Corp — +30.24%
YEAR ON YEAR
- Sitime Corporation — +64.47%
- nVent Electric PLC — +41.71%
- Watts Water Technologies Inc — +29.27%
Capnote tip: common growth factors among top YTD names include positive EBITDA margin, positive profit margin, and revenue growth from last year.
▼ LAGGARDS
1 WEEK
- TTM Technologies Inc — -14.63%
- Akamai Technologies Inc — -14.25%
- Summit Therapeutics PLC — -13.99%
YEAR TO DATE
- Rentokil Initial PLC — -27.09%
- EchoStar Corporation — -24.48%
- Ferrovial SE — -21.87%
YEAR ON YEAR
- Zoetis Inc — -42.74%
- Insmed Inc — -41.73%
- Copart Inc — -36.39%
Capnote tip: common risk factors among these YTD laggards include change in customer demand or preferences, competition intensity & availability of substitutes, and macroeconomic decline or recession.
THE READ
Possible drivers: Cognizant led the week by a wide margin (+10.20%), with no obvious shared theme alongside Ball Corporation and Haleon. Summit Therapeutics swings from a weekly leader two weeks ago to a weekly laggard this week (-13.99%), a notable reversal. Three tech and communications names — TTM Technologies, Akamai, Ferrovial-adjacent EchoStar — all show up weak across the 1-week and YTD lists.
What it could mean: Summit Therapeutics’ round trip from leader to laggard in a short span is a reminder of how volatile individual biotech names can be week to week. Zoetis’ continued presence at the top of the YoY laggard board, now spanning several weeks, keeps pointing to animal health as a durable weak spot this cycle.
02 · COMPANIES
Movers Below $10B Market Cap
▲ LEADERS
1 WEEK
- Liquidia Technologies Inc — +23.96%
- Zillow Group Inc Class C — +13.00%
- American Coastal Insurance Corp — +11.96%
YEAR TO DATE
- Avita Medical Ltd — +273.64%
- Day One Biopharmaceuticals Inc — +144.84%
- Amylyx Pharmaceuticals Inc — +130.51%
YEAR ON YEAR
- Lindblad Expeditions Holdings Inc — +190.13%
- Victoria’s Secret & Co — +189.40%
- Paysign Inc — +169.71%
Capnote tip: common growth factors among top YTD names include net margin expansion from last year, revenue growth from last year, and return on invested capital expansion.
▼ LAGGARDS
1 WEEK
- FMC Corporation — -32.37%
- New Era Energy & Digital, Inc. — -27.37%
- Boost Run Inc. Class A Common Stock — -26.78%
YEAR TO DATE
- Suja Life, Inc. Class A Common Stock — -96.78%
- Evolution Metals & Technologies Corp. Common Stock — -79.74%
- Verra Mobility Corp — -79.65%
YEAR ON YEAR
- Suja Life, Inc. Class A Common Stock — -96.78%
- Verra Mobility Corp — -87.52%
- SL Science Holding Limited Ordinary Shares — -85.30%
Capnote tip: common risk factors among these YTD laggards include competition intensity & availability of substitutes, macroeconomic decline or recession, and reputation or brand decline and impairment.
THE READ
Possible drivers: Liquidia Technologies swings back to a weekly leader (+23.96%) just one week after posting the steepest weekly loss in this bracket (-58.92% two weeks ago) — an unusually sharp round trip. FMC Corporation’s -32.37% weekly drop is this week’s largest single move in the bracket. Verra Mobility and Suja Life remain repeat laggards across both YTD and YoY windows for yet another week.
What it could mean: Liquidia’s swing from the worst weekly mover to a weekly leader within two weeks suggests elevated volatility in that name specifically rather than a sector trend. Verra Mobility’s now-persistent presence on the laggard board, spanning many weeks of our data, looks like a sustained decline rather than noise.
03 · INDUSTRIES
Industry Performance
Weighted-average market cap of listed companies using Capnote’s proprietary groupings.
▲ HIGHEST PERFORMING
1 WEEK
- Refining & Smelting — +32.21%
- Accounting — +10.22%
- Pets — +6.29%
YEAR TO DATE
- Computer Hardware — +57.45%
- Refining & Smelting — +56.51%
- Accounting — +48.82%
YEAR ON YEAR
- Refining & Smelting — +90.92%
- Operator — +60.34%
- Glass — +58.58%
Capnote tip: common growth factors among top YTD industries include strong reputation & brand, product or service characteristics & qualities, and capital markets access.
▼ LOWEST PERFORMING
1 WEEK
- Space Logistics — -13.16%
- Recycling — -10.77%
- Energy Storage — -10.36%
YEAR TO DATE
- Recycling — -35.54%
- Shipyards — -27.64%
- Energy Storage — -25.55%
YEAR ON YEAR
- Recycling — -49.81%
- Children — -40.82%
- Government Contractor — -35.63%
Capnote tip: common risk factors among these YTD laggard industries include adverse capital markets access, reputation or brand decline and impairment, and macroeconomic decline or recession.
THE READ
Possible drivers: Refining & Smelting holds the top spot across all three windows for a second straight week, and its weekly gain accelerated to +32.21% (from already-strong momentum last week), alongside Brent crude’s jump to $109.69. Recycling now leads the weekly, YTD, and YoY laggard lists simultaneously, a rare sweep across all three windows.
What it could mean: Refining & Smelting’s continued acceleration, now two strong weeks running, lines up directly with crude’s renewed climb and looks like a genuine multi-week trend rather than a one-off. Recycling sweeping all three laggard boards at once is one of the cleanest, most consistent weak signals we’ve seen in this dataset — worth watching closely for what’s driving it.
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 | -2.90 | 5.08 | High |
| S&P 500 | -1.95 | 7,659.44 | Very High |
| Hang Seng | -0.10 | 24,186.83 | High |
| Crude Oil (Brent) | +4.75 | 109.69 | High |
| US Dollar Index (DXY) | -0.42 | 101.78 | Average |
| Gold | -0.70 | 4,186.70 | High |
| Bitcoin | -1.27 | 81,414.67 | High |
THE READ
Possible drivers: The US 10-year Treasury yield fell again this week (-2.90%) to 5.08%, its second straight pullback after five weeks of gains. The S&P 500 dropped 1.95% to $7,659.44, its sharpest weekly decline in recent weeks, even as yields eased. Crude Oil (Brent) jumped 4.75% to $109.69, a fresh high for the period we’ve been tracking. Gold, Bitcoin, and the dollar all posted modest declines.
What it could mean: Stocks falling even as yields drop breaks from the pattern we’d been tracking, where lower yields typically supported equities — this week’s S&P weakness looks more connected to oil’s sharp climb than to rates. Crude’s acceleration to a fresh high, alongside Refining & Smelting’s continued industry strength above, is the clearest and most consistent theme in this week’s data.
05 · WEEKLY MOVERS
Biggest Indicator Swings
▲ GAINS SINCE LAST WEEK
- Milk · Low — +15.82%
- Crude Oil (WTI) · High — +10.88%
- Turkey 10Y · High — +9.23%
- Coffee · High — +6.48%
- Crude Oil (Brent) · High — +4.75%
▼ LOSSES SINCE LAST WEEK
- Baltic Dry · High — -12.75%
- Silver · High — -6.40%
- Oat · Average — -5.64%
- Orange Juice · Low — -5.38%
- Gasoline · High — -4.62%
THE READ
Possible drivers: Both crude oil benchmarks posted strong gains this week — WTI (+10.88%) and Brent (+4.75%) — with WTI’s move the larger of the two. Coffee rose for a second straight week (+6.48%, following last week’s +4.36%). Silver fell 6.40% after rebounding briefly two weeks ago, resuming its earlier slide alongside gold’s own modest decline.
What it could mean: WTI’s double-digit weekly gain, outpacing Brent for the first time in recent weeks we’ve tracked, suggests the oil rally is broadening across benchmarks rather than being Brent-specific. Coffee’s second consecutive weekly gain, after five straight losses before that, may mark an early turn worth watching for confirmation next week.
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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.