Last wk S&P/Nas/Mag7 -2.1%/-3.2%/-4.9% w/ minimal progress on Iran. Tech was under pressure: 1) Anthropic’s Mythos helped drive $IGV -7%, & 2) $GOOGL memory algorithm drove a selloff in semis led by memory $MU/$SNDK -16%/-13%, 3) $Meta & $GOOGL -11%/-9% on court rulings. Brent closed at a new high on Friday of $113 vs the prior closing high of $112 last Friday. The longer oil stays at higher levels, the more risk there is that Central Banks start to raise rates. Most only have an inflation mandate vs the Fed with also an unemployment mandate. While the US Fed Funds rate is at 3.5-3.75%, the ECB in only at 2.0%, and BOJ is at 0.75% and both seem to have a hiking bias at this point. With 2yr treasury yields in the US at 3.9%, up over 50bps since the end of February, a hike is also implied i
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