Market Perspectives
The ceasefire is over. Washington and Tehran resumed strikes this week, three ships were hit near the Strait of Hormuz, and crude jumped more than 4%. Europe took the blow, with the Stoxx 600 posting its worst week since April. Yet the S&P 500 and the Nasdaq still closed higher, carried by a 15% week in Meta and a record chip listing. The tape is split down the middle: the S&P at 7,575.39 and a 1.74% week for the Nasdaq say the AI bid is intact, while the Stoxx at 641.10 after a 1.8% fall says Europe is paying the energy bill. Beneath the index, more than half the technology sector still trades well below its own 52-week high, so a small group of megacaps is masking a correction already under way.
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BONDS & MACROECONOMICS
The 10-year Treasury yield at 4.568% and WTI back to $71.41, having touched $73.52 mid-week, are the two numbers that matter: if the Strait stays contested, the inflation problem stops being about tariffs and starts being about oil again.
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