– US Equities rallied as the VIX closed below 19 for the first time since the pandemic began. Intl equities and commodities declined.
– Cap-weighted sector and style indices masked the weakness across small and mid-cap stocks last week, as both small and mid-cap stocks declined.
– Chinese equities declined by more than 4% last week and are down ytd. Twitter rumors circulating that a major Chinese family office was forced to unwind.
– Treasuries staged a modest rally last week. Meanwhile, the US Dollar continues to trend higher after bottoming in early January.

– Commodities sold off on a 6% drop in crude oil prices. International equities were the only asset class that managed to squeeze a positive return from the week.
– No more love for Growth. Large growth stocks are still in negative territory year to date.
– Emerging market gains have slowed as Chinese equities have spent the month of March in an official correction.
– Long duration Treasuries have entered a bear market after falling more than 20% from their 2020 peak.