– Intl stocks led while US equities dipped; Treasuries steady as Fed-independence noise pushed yields around – metals and REITs were the bright spots
– Small caps and defensives led as investors rotated away from financials and discretionary; chip-driven AI optimism helped cap the week’s pullback.
– Japan ripped higher on stimulus-election chatter; Korea and Taiwan gained on tech strength, while China and Hong Kong lagged amid tighter trading rules.
– Bonds eked out gains across core, credit, munis and high yield; the dollar firmed – silver and gold surged, oil held gains, and natural gas slipped.

-US stocks hit fresh highs as investors shrugged off headline risk. Commodities shined on firmer oil and a surge in precious metals while bonds stayed calm.
-Under the hood, it was a rotation week – small caps and cyclicals led as defensives lagged and big tech cooled after a strong run.
-Developed and emerging markets dvanced. Europe rode a tech bid while Japan and parts of Asia benefited from currency weakness and AI-linked strength.
-Credit held firm and munis led as yields eased. The dollar strengthened while oil and gold rose on geopolitical and safe-haven demand.