Markets delivered a relatively quiet week of consolidation, with modest reversals across major asset classes. U.S. large-cap equities advanced, with the S&P 500 and Nasdaq 100 each gaining approximately 0.5%, while the Russell 2000 declined 1.5%.

Last week reinforced a central market theme: long-term interest rates remain a critical driver of asset prices. Rising Treasury yields pressured U.S. equities, particularly technology and other long-duration growth stocks.

Markets advanced globally as easing inflation pressures, resilient earnings, and continued optimism around AI-related investment outweighed concerns about elevated yields, energy volatility, and pockets of softer economic data.

Global markets advanced last week as improving geopolitical sentiment, resilient economic data, and strong corporate earnings supported risk assets despite a softer-than-expected U.S. employment report and continued uncertainty around inflation and central-bank policy.