The S&P 500 still posted a weekly gain, but index concentration remains a key risk.

More than 60% of S&P 500 stocks rose Friday despite weakness in major AI names.

Higher yields continue to pressure equity valuations and rate-sensitive sectors.

Higher Treasury yields continue to support the dollar against major currencies.

Policy expectations remain sensitive to inflation, PPI and incoming activity data.

Growth resilience remains evident, but tighter financial conditions raise downside risks.

Safe-haven demand is competing with tighter policy expectations.

US-Iran developments and production expectations remain key catalysts.

Elevated yields and a stronger dollar continue to weigh on risk appetite.

Equities remain resilient, but leadership breadth and macro sensitivity are deteriorating.

US2000 participation remains a key test of the broader equity cycle.

Cross-asset hedging and duration risk management remain important.