Investors got hammered again this week with few places to hide. Having said this, it could be worse. The Trump Administration continues to release conflicting information about the status of the war, but it is clear that the Iranians are not about to capitulate. This is causing all sorts of problems with the oil market, and this in turn is splattering both global stocks and bonds.

Most U.S. stock indices were weaker WoW, except for the small/mid cap Russell 2000 which has strung together some amazing gains YtD (+7.9%). Other global equity indices were generally positive. USTs lost ground, and both gold and Bitcoin pushed higher. This all happened in a backdrop in which the U.S. president introduced a series of populist and interventionist proposals that are drifting wider and wider from Republican principals.

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.