Bond Bloodbath and Benign Beijing Stall Stocks

Market sentiment soured as surging Treasury yields and rising oil prices above $100 challenged the AI-driven equity rally. While the S&P 500 eked out a small gain, precious metals and bitcoin were hit hard by a stronger US dollar.

Key Takeaways

• 1.Surging Treasury yields and rising inflation expectations caused the worst week for bonds in 13 months, putting pressure on equity markets.
• 2.Energy prices surged with WTI back above $100 as Trump-Xi meetings failed to produce meaningful breakthroughs on energy security/supply concerns.
• 3.Equity market breadth remains extremely narrow; while the S&P 500 rose for a seventh week, the majority of its constituents (S&P 494) actually declined.

Table of Contents

• Oil
• Rates
• Stocks
• Everything Else

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