Good morning,
Friday’s market action delivered an unexpected jolt after an otherwise calm week. Oracle’s apparent stutter-step around massive AI spending—combined with renewed uncertainty over the Fed’s intentions and leadership—set a clear risk-off tone across both stocks and bonds into the weekend.
This morning, markets are walking back a portion of Friday’s losses ahead of the open. Equity futures are up roughly 0.50%, and bond yields are ticking lower (a welcome, if temporary, sigh of relief). Still, the near-term worry about a potential market top remains very much intact.
There’s plenty to keep traders and investors occupied in the days ahead: a tidal wave of economic data and policy decisions from the ECB, BOE, and BOJ. With that backdrop, we may see more volatility akin to Friday’s move. The bigger question, however, is whether tech’s recent underperformance will persist—and whether the nascent “rotation trade” will carry through to year-end. For now, those trends look likely to continue.
Be well,
Mike
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