Major U.S. equity indices declined last week as concerns around artificial intelligence disruption collided with renewed global trade uncertainty. The Dow Jones Industrial Average led losses, falling 1.31%, followed by the Nasdaq Composite down 0.95%, while the S&P 500 proved comparatively resilient but still slipped 0.44%. The risk-off tone supported fixed income, with the 10-year Treasury yield dropping below 4% for the first time since November — a notable psychological threshold as growth expectations continue to soften at the margin. Across the Atlantic, the picture was markedly different. Robust corporate earnings and continued capital rotation away from the technology-heavy U.S. market outweighed geopolitical tensions and tariff uncertainty. The STOXX Europe 600 reached a fresh record and gained 0.52% on the week. Italy’s FTSE MIB climbed 1.59%, France’s CAC 40 rose 0.77%, Germany’s DAX edged higher, and the UK’s FTSE 100 added 2.06%, also touching a new high midweek. Asia extended the constructive tone. Japan’s Nikkei 225 advanced 3.56%, while trading volumes in Hong Kong normalized following the Lunar New Year break, with the Hang Seng rising 0.82%. Looking ahead, markets will navigate China’s annual parliamentary gathering, the UK Chancellor’s Spring Statement, and the U.S. February payrolls report. The true inflection point may lie elsewhere — in how investors digest America’s joint strike on Iran alongside Israel. Will geopolitics intensify the risk-off rotation?