– Risk-off week – US stocks slipped as Treasuries rallied – gold and oil firmed on Iran tension, with REITs and overseas equities modestly higher.
– Defensives led – utilities, staples, and health care gained as tech and banks dragged on AI disruption and credit jitters – energy and materials held up.
– Outside the US, returns were positive – Asia led (Japan, Korea, Taiwan) on chip demand, while Europe stayed steady and EM eked out gains.
– Bonds caught a bid – core and munis up as yields fell, while credit lagged and high yield dipped – gold and silver surged, oil rose, gas slid, dollar softer.

– Stocks rebounded, bonds slipped as yields rose – tariff ruling eased risk while Iran jitters lifted energy and metals – REITs were flat.
– Cyclicals led – communication services, discretionary, industrials and financials outpaced – staples and utilities lagged in a firmer-rate tape.
– Europe extended gains on earnings and firmer activity – Asia was holiday-thin – South Korea jumped while Hong Kong slipped on rotation.
– Core bonds edged lower as yields climbed – credit held up and munis firm – oil and silver surged, gold rose, nat gas slid and the dollar strengthened.