US stocks were mixed but tech continued to be the driver. US bonds did less well, as yields moved higher across the curve. Global stocks were generally weaker, as oil inched higher due to ongoing uncertainty in the Middle East with the Strait of Hormuz again the focal point.

Stocks eked out small gains and US Treasuries had small losses this past week, with plenty of economic news – especially on Friday – largely resulting in a "meh" response. European stocks closed at record highs, while gold and the greenback gained ground. Bitcoin continued to suffer losses.

The weekly update covers NVDA's excellent earnings; the A.I. shine which is wearing off; the minutes from the last FOMC meeting (Oct); and the fall of Bitcoin.

This week had a double trade war "positive" for investors, excellent earnings, strong earnings and a favourable outlook from Nvidia, the 2025 Bitcoin conference in Las Vegas, the release of minutes from the last FOMC meeting, and a poor Japanese 40y bond auction.

For investors, it is not easy staying focused these days on the substantive economic and business data that matter for your portfolio....

Both equity and bonds were a touch softer last week. Even stellar earnings by NVDA could not completely save the day, although amazing.

Bank earnings better-than-expected, inflation slowing Stateside. Investors mixed, with equities higher and bond prices lower. Credit stable

It was a holiday shortened week devoid of direction, with economic data providing a mixed picture. Oil, gold higher. Equities weaker.

US markets started the year poorly, but a balanced NFP report for Dec, released Friday, cheered investors. European equities even stronger.