Market Perspectives
The market spent the first half of the year braced for an oil shock. This week it got the opposite: crude sank to its pre-war lows and US hiring nearly stopped, yet global stocks rallied to fresh records, capping their best first half since 2021. The more telling shift is underneath the index: the rally is finally broadening beyond a handful of AI names, with Europe breaking out, even as the war in Ukraine turns into a campaign against Russia's refineries. Europe's Stoxx 600 closed at a record 652.77 and the S&P 500 at 7,483.24, yet gold at a record $4,176.94 says the hedges are moving even as equities climb. Growth is cooling, the dollar is soft, and the market is broadening rather than breaking.
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BONDS & MACROECONOMICS
The 10-year Treasury yield at 4.483% ticked up as the new Fed chair struck a balanced tone, while WTI near $68.78 kept the disinflation impulse alive. Gold closed at a record $4,176.94.
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