It was a down week across the board for equities: S&P 500 closing at 6,878.88 (-0.32%), Nasdaq closing at 22,668.21 (-0.76%), Dow Jones closing at 48,977.92 (-1.13%), Russell 2000 closing at 2,632.36 (-0.85%). The decline was broad-based — all major indices moved lower together, a sign of broad risk-off sentiment rather than isolated sector weakness.

The 10-year Treasury yield dropped 11 bps to 3.96% — falling yields typically reflect growth concerns or cooling inflation expectations, and lift bond prices. Gold surged +2.15% to $5,230.50, a strong safe-haven bid suggesting investors are seeking cover from uncertainty. The dollar was largely flat on the week (DXY: 97.57), providing no meaningful currency tailwind or headwind.

The economic calendar was quiet this week, with no major data surprises to shift the macro narrative.

Next week's calendar is heavy. The jobs report will set the tone on labor market resilience. Volatility around these releases is likely — position before the prints, not after. Secondary data to watch: Industrial Production.

Stocks pulled back modestly this week. The S&P 500 lost 0.3% — a $32 hit on a $10,000 portfolio, nothing dramatic.

Bond yields fell 11 bps to 3.96% — a flight-to-safety signal that reinforces the risk-off read across the week.

Nonfarm Payrolls / Unemployment lands next week — the monthly jobs report. A strong print keeps the Fed on hold and supports risk-on positioning. A weak number shifts sentiment toward earlier rate cuts — positive for bonds and rate-sensitive sectors. Either way, be positioned before Friday's release.