A mixed session for equities belied latent geopolitical conflict as Treasuries rallied and the dollar weakened. With major earnings releases due throughout the week and the Federal Reserve in blackout, murky guidance and ongoing trade diplomacy will have to suffice for clarity ahead of Friday's employment report. Tensions simmered in Kashmir and the Middle East while territorial concessions held up any peace accord between Russia and Ukraine. In Congress, a difficult budget c

Earnings strength carried US equities even as companies projected uncertainty about an unresolved economic outlook and foreshadowed price increases. The S&P rallied 2% and the Nasdaq climbed 2.7% with strong profits from Google announced after the close. Negotiations vis-a-vis Ukraine continued with Russia drawing a rebuke from President Trump after strikes on Kiev. Though the status of trade dialogue between the US and China remained unclear, public comments and private repo

Another domestic stock rally belied pervasive trade policy and economic outlook uncertainty. Dollar strength and steadying Treasuries complemented oil weakness, which was compounded by growth concerns and Reuters' report that OPEC+ would consider another output hike in June when it meets on May 5. The the US position vis-a-vis China has softened, there is no indication that they (or other trading partners) are in any hurry to deal. Prospects for peace in Ukraine remained dist

Tuesday's rhetorical retreat calmed market jitters, sending equity indices above Friday's closes as the dollar and Treasuries found their footing and Bitcoin topped $90,000. The recovery in stocks was broad-based: virtually every company in the S&P 500 advanced notwithstanding earnings caution. The prospect of trade war deescalation and Powell's continued tenure at the helm of the Federal Reserve improved risk sentiment as officials from around the world descended upon Washin

Nascent concerns about central bank independence amid tariff-related risks weighed on US assets on Monday. Major equity indices declined by more than 2%, gold climbed to a record above $3400 per troy ounce, the dollar plumbed multi-year lows, and longer-term Treasury yields climbed materially. The administration's discontent with the absence of monetary easing signals prompted rule of law considerations and reinforced fears of diminished inflation-fighting credibility. Trade

Technology-sector weakness and an unmoved Federal Reserve Chair facilitated equity losses on Wednesday as banks continued to profit from market volatility. With no reprieve from trade headlines or boost from hoped-for prospects of Fed easing, dollar selling dovetailed with another record high in gold, which had its best daily performance in five years. Safe haven currencies and assets rallied, bringing Treasuries with them. Robust growth figures from China and retail sales da

Technology stocks and the auto-sector led Monday's US equity rally as tariff carve-outs for electronics and the possibility of limited reprieve for autos momentarily soothed trade concerns. Economic diplomacy and conflict mediation continued as war flared with ceasefires elusive in Gaza and Ukraine. Rule of law considerations and executive-judicial tension in the US coincided with the onset of major antitrust litigation. Federal Reserve officials reaffirmed a near-term holdin

A look at important themes on the horizon (April 14 - April 18).

A Treasury roller-coaster, record high in gold, pronounced dollar weakness, and the S&P's best week in years capped a remarkable stretch replete with volatility. Tit-for-tat tariff announcements may have run their course but could bring US-China trade to a standstill. A preliminary University of Michigan survey for April showed consumer sentiment plummeting further in the US as inflation expectations continued their ascent. Bank earnings outperformance aided by trading revenu