– Global risk assets advanced, with the exception of commodities, which were pulled lower by falling crude oil prices.
– The worst-performing year-to-date sectors rebounded the most last week. Consumer Staples, 2025’s best performer, was the only declining sector.
– There was a broad rally internationally, with 41 of 45 countries advancing. European stocks continue to outperform.
– Treasury yields fell modestly, and the dollar stabilized as the Trump administration softened its tone on tariffs.

– U.S. equities declined while other key global asset classes climbed. International equities outperformed U.S. stocks by more than 5% last week.
– Large-cap stocks, technology, and consumer discretionary sectors were the focus of selling, dragging the cap-weighted U.S. indices lower.
– Developed markets rallied more than 4%, with Europe accounting for 8 of the 10 best-performing countries year-to-date.
– The U.S. dollar sank to a three-year low, falling below 100. Gold hit new all-time highs, crossing above $3,330 per ounce.