US stocks lost ground and are performing poorly YtD, especially compared to stocks in the UK, Europe and Japan, all of which closed at record highs on Friday. US Treasuries suddenly have a safe haven bid, with the yield on the 10y finally dropping below 4%. Gold remains strongly bid, Bitcoin remains largely without a bid.

DeepSeek wrecks outlook for AI companies; Mag 7 companies MSFT, META, TSLA and AAPL report earnings; FOMC expected to hold rates

US stocks and gold hit more record highs. S&P 500 earnings mixed: banks strong, chip companies mixed, luxury struggles.

Chinese stimulus measures buoyed stocks globally, and US Treasuries were stable. Gold paused and oil fell. The Dollar was weaker.

Last week was brilliant for UST investors in duration, and horrible for investors in global equities. Culprits: Mag & and US economic data.

We have some US data coming that might matter today (CPI), but the FOMC will sit tight (also today). Discusses Apple's run and GameStop.