⚠️The S&P 500 posted its worst session since March on Friday, falling -1.2%, as rising bond yields and surging oil prices finally cracked the AI-driven equity melt-up.

The Philadelphia Semiconductor Index, $SOX, sank -4% on the day, snapping a multi-week winning streak that had seen chipmakers lead the rally from war-driven lows.

Meanwhile, the 10-year US Treasury yield topped 4.5%, Japan's 30-year yield rose to 4% for the first time on record, and UK long-bond yields rose to a 28-year high.

WTI crude settled above $101 per barrel after President Trump left his meeting with China's Xi without any meaningful progress on reopening the Strait of Hormuz, reigniting fears of a deepening energy supply shock.

Lastly, gold and silver sold off sharply while the US Dollar finished higher.

Performance this WEEK:

S&P 500 +0.1%
Nasdaq -0.1%
Russell 2000 -2.4%
Dow Jones -0.2%
US 10-year Treasury yield +23 bps
Bitcoin -0.1%
Bank Index -1.8%
VIX +7% front mth VIX futures -1%
US Dollar Index +1.5%
Gold -3.6%
Silver -4.1%
WTI Crude Oil +11%

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$XAG
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