Bond Volatility Sets the Tone
Stocks retreated in a week dominated by the Treasury market: the S&P 500 fell 1.4% to 7,674, the Nasdaq 2.1% to 26,180, and the Dow 0.9% to 53,277. The 30-year yield touched its highest level in nearly two decades before Treasury Secretary Bessent more than doubled long-dated bond buybacks, and stocks rebounded Friday with the Dow up 518 points. Gold rose nearly 5% to a three-month high, Bitcoin surged more than 20%, and the CNN Fear & Greed Index eased to 55 (Neutral) from Greed a week ago.

