Market Overview

Funds rotated out of tech stocks into economically sensitive cyclical stocks. $Dow Jones Industrial Average (.DJI.US)$ rose ~1%, closing at a record high, while $Russell 2000 Index (.RUT.US)$ surged 1.8%, up over 4% for the week. $Nasdaq Composite Index (.IXIC.US)$ saw choppy trading, ending with a modest gain. $NVIDIA (NVDA.US)$ dropped more than 3%, and $Alphabet-A (GOOGL.US)$ fell over 4% for the week. Trump trade optimism reignited, pushing banking stocks up 1.6% to a two-year high, while $Tesla (TSLA.US)$ rose 3.8%, hitting a two-year peak and gaining nearly 10% for the week. Bitcoin-heavy $MicroStrategy (MSTR.US)$ rebounded over 6% on Friday.

Chinese stocks fell 1.4%, while Offshore RMB slipped past 7.26 to a nearly four-month low, down over 200 points for the week.

In macro trends, U.S. PMI data exceeded expectations, with the 2-year Treasury yield approaching a three-month high, rising for five consecutive weeks. The dollar index hit a two-year high. Eurozone PMI underperformed, dragging the euro down over 1% intraday to a two-year low. Bitcoin neared $100,000, setting another record.

Crude oil gained over 6% for the week, marking its best weekly performance in seven weeks. Gold climbed over 1%, reclaiming $2,700 per ounce and posting its best week in over 18 months, up over 5%.

In Asia, A-shares fell over 3%, with $SSE Composite Index (800146.HK)$ dropping below 3,300 points, while Hong Kong's $Hang Seng TECH Index (800700.HK)$ slid over 2%.