– 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.

– 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.