We were largely struggling but at least moving sideways until Friday, when the twin negative effects of a new tariffs and a weaker-than-expected jobs report pulled the rug from underneath investor sentiment. Risk assets faltered and safe haven assets rallied. Ouch!!

Concerns regarding tariffs and trade rhetoric faded a bit in the second half of the week in the U.S., which gave way to decent economic data and a strong start to the earnings season. The S&P 500 and NASDAQ hit record highs (again). Yields were under modest pressure at the long end of the curve.

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

Last week was mainly about the US election, which D Trump and the Republicans won in a landslide. The "Trump trade" was full on.

Last week was mainly about a trifecta of central bank decisions, with most attention focused on the Fed. The Fed Funds rate was reduced .50%