Resumen

Over the past week, the U.S. stock market continued its high-level consolidation. The S&P 500 index gained 0.36% weekly. On Thursday, it briefly hit a new all-time high of 7,810 points intraday, closing at a record 7,800 points. After a slight pullback on Friday, it settled at 7,786 points. While the index itself showed little change, the underlying pricing logic within the market is undergoing a noticeable shift. The energy sector led the gains with a weekly surge of 7.67%, with crude oil prices strengthening in tandem. Gold continued to trade near $4,380 after breaking through $4,300, while Bitcoin fell nearly 3%. This indicates that the market is not reducing exposure to risk assets due to rising inflation concerns. Instead, while maintaining equity positions, it is significantly increasing allocations to physical assets such as energy and precious metals.