Market Perspectives
This was the week the market stopped taking good news at face value. Inflation cooled to its slowest since January, the biggest banks posted blowout profits, and stocks fell anyway. The problem sat underneath the headlines: the semiconductor index dropped into a bear market on the first real doubt that the hyperscalers will keep spending, and oil jumped back to $82 as the US and Iran traded strikes again. The S&P at 7,475.69 fell 1.5% while the Nasdaq lost 2.9%, yet the 10-year at 4.523% barely moved and gold at $4,010.55 fell rather than rallied, so this was an equity de-risking without a rush to safety.
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BONDS & MACROECONOMICS
The 10-year Treasury yield at 4.523% barely moved and gold at $4,010.55 fell rather than rallied, so this was an equity de-risking without a rush to safety. WTI at $82.49 put energy-driven inflation risk back on the table after a 4.5% Friday jump.
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