Old school investors “won” last week hands down. The “trendy” stock markets and indices that are concentrated in tech shares, especially semiconductor shares (e.g. the NASDAQ and Asian exchanges like the KOSPI), took it on the chin, as investors finally got skittish on the broader A.I. trade. The winners last week were what I view as the “boring places to have your money”, including US Treasuries, European stocks, and indices like the DJIA that are not heavily concentrated

Stocks bounced around but closed the week higher, with both the S&P 500 and the NASDAQ closing at record highs on Friday. US Treasuries were ever-so-slightly better bid, with yields falling a few bps across the curve, Oil remains elevated. Gold and the US Dollar rose, while the Japanese Yen and Bitcoin fell. This week S&P 500 earnings will kick off with the six largest US banks reporting. JNJ, ASML and TSMC will also release results. The FOMC is week after next.

Stocks mixed, with Japanese and emerging markets stocks chalking up gains, while European stocks lost ground. US stocks were mixed. Yields were higher at the belly and long end of the UST curve, with inflationary expectations remaining elevated. Gold and oil were higher, the Yen and Bitcoin weaker.

Stocks were fine much of the week due to the ongoing "to the moon" A.I. narrative and rampant momentum buying. However, things came to a screeching halt on Friday, once the "adults in the room" (i.e. bond investors) started to run for cover with inflation soaring higher and becoming ever-more entrenched. Friday was firmly risk off, and now the question is what will happen next week? What if buy-the-dip investors go on strike? I don't even want to imagine that!!

U.S. stocks hit record highs mid-week for two days running, but softened after worst-than-expected PPI data and eroding consumer confidence, released Thursday and Friday, put a dent in the animal spirits driving risk assets higher. UST yields rose, remaining stubbornly high and not very connected to what the FOMC might or might not do at the next FOMC meeting.

The sell-off in global equities is getting more painful, as investors continue to shun risk and pile into safe haven assets. What makes...

Inflation continues to confound, although investors largely shook it off. Market volatility remains elevated but stocks better WoW.

Stocks rip and bonds rip. Small cap stocks did the best in the States while tech floundered. US CPI cooler than expected. UK growth better

US CPI surprised on the downside (lower than expected) this week, setting a constructive tone. The FOMC says one rate cut, Europe wobbles.