Although Friday marked an improvement in US stocks, volatility increased further last week as the ROI on A.I. spend came back into investor's focus. Rotation from tech to value has been the theme so far of 2026. Meanwhile, European and Japanese stocks again outperformed US stocks. Gold rediscovered its mojo even as Bitcoin continues to plummet. Yields were slightly improved across the UST curve, high yield spreads widened, and the greenback was better bid.