– Mixed week for global financial assets. U.S. equities and Treasuries fell, while international equities and commodities rallied.
– Broad decline across all styles, sectors, and factors. Small-cap stocks were among the worst performers.
– Developed markets outperformed, while emerging markets were flat – held back by underperformance in India, Taiwan, and Brazil.
– US fiscal worries and a weak 20-yr auction sent 30-yr yields above 5% – first time since 2023, and before that, not seen since 2007.

– Global equities posted strong gains for the week, led by U.S. stocks. U.S. Treasury prices fell, with yields climbing.
– A broad-based rally took hold across styles, sectors, and factors, echoing a familiar pattern—large caps and Tech out front.
– Emerging markets outperformed internationally, boosted by strong results from India and Taiwan.
– U.S. Treasuries showed signs of strain amid concerns over a deficit-expanding budget, with the 30-year yield nearing 5%.