-Four straight weeks of US equity declines. After climbing the prior week, international equities played catch up on the price declines, falling more than 4%.
– The Covid pair trade that has worked so well in 2020 had a good bounce back. Tech stocks climbed, while Energy and Financials were hit hard.
– Another week of US dollar strength led to declines in commodities and international equities.
– Yields on both junk and investment grade corporate credit moved higher. US Treasury prices rallied.

– US equities fell for the third week in a row, and Treasuries joined them. Commodities and international equities moved higher.
– The energy sector staged a modest bounce last week, while leading sectors Tech and Consumer Discretion declined again.
– Both Europe and Asia rallied last week to drive international equities higher. The US dollar continues to show modest signs of strengthening.
– Oil snapped back and moved almost 10% higher, but the big story was lumber whose prices are in serious retreat from recent highs.