– US stocks slid on AI/valuation jitters despite cooler CPI – Treasuries and REITs caught a bid as yields fell, while oil sagged on supply talk.
– Value and defensives led – utilities and real estate ripped higher as investors hid from mega-cap tech and financials, where the drawdown was sharpest.
– Outside the US, Europe ground sideways but banks sank – Japan rode post-election volatility, while China stayed policy-supported and EM kept a bid.
– Rates rallied on softer inflation – credit was steadier, the dollar eased vs yen/euro, gold stayed supported, and oil logged another weekly drop.

– US stocks chopped sideways as big-tech sagged, but a Friday rebound pushed blue chips to a record – REITs held up while broad commodities slid on weaker oil.
– Value and smaller caps led – staples, industrials, energy up while discretionary and comms lagged as tech and AI sentiment whipsawed.
– Developed markets edged higher – Japan stood out – while emerging markets fell as China and Korea dragged, offsetting strength in Mexico and India.
– Bonds were steady with Treasuries and credit modestly firmer – bank loans and preferreds lagged – gold jumped as the dollar strengthened and oil retreated.