Stocks were mixed this week: S&P 500 closing at 6,740.02 (-1.24%), Nasdaq closing at 22,387.68 (+0.29%), Dow Jones closing at 47,501.55 (-2.65%), Russell 2000 closing at 2,525.30 (-3.20%). Tech was the standout, with the Nasdaq outperforming the S&P 500 by 1.5 percentage points.

The 10-year Treasury yield climbed 13 bps to 4.13% — rising yields signal the bond market is pricing out rate cuts, which puts pressure on rate-sensitive growth stocks and long-duration bonds. Gold fell 3.75% to $5,146.10. The drop — unusual during an equity selloff — points to dollar strength as the dominant force rather than a flight to safety. The dollar strengthened +1.19% (DXY: 98.98), a headwind for multinational earnings and international ETF holders.

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

Next week's calendar is light — a good time to review positions and rebalance rather than react to noise.

This week's decline was narrow, not broad. The S&P 500 slipped 1.2%, but markets weren't in full retreat — some areas held up. This looks more like rotation than a broad risk-off move. The dollar also strengthened +1.2% — a quiet headwind if you hold international ETFs, as foreign gains get partially erased when converted back to USD.

Bond yields climbed 13 bps to 4.13% over the week, making it harder to justify equity valuations — particularly in growth and small caps. Worth noting: gold fell 3.75% despite the equity selloff — a sign the dollar's strength is the dominant force, not a simple flight to safety.