Bonds Throw a Tantrum, Oil Hits $106, and the Market Finally Got the Memo
30-year yields cracked 5%, crude is flirting with $110, and the S&P had its worst day since March — here's everything that moved the needle this week
Ticker Ratings
Friday was the reality check nobody RSVPd for. The S&P 500 dropped 1.2%, the Nasdaq fell 1.5%, and the Dow shed 537 points — its worst session since March — as the bond market finally rage-quit on inflation optimism. The 10-year Treasury hit 4.59% and the 30-year cracked 5.12%, its highest in nearly a year, with crude oil at ~$106/barrel (Brent: $109) pouring gasoline — literally — on the fire.
The week's headline drama was the Trump-Xi summit, which the press accurately dubbed the 'Beans and Boeing Summit.' $BA actually fell 3.1% after China ordered ~200 jets instead of the 500 that were hyped — and analysts at Melius Research noted China isn't even the critical Boeing market it once was. Meanwhile $NVDA got ghosted: China passed on the H20 chips entirely, preferring its domestic AI supply chain. Ouch. The geopolitical icing? Xi issued his bluntest-ever Taiwan warning to a sitting US president while Trump stayed noncommittal on the arms package. Markets in Asia noticed.
On the bright side, $CSCO had its best week since 2011, ripping 22% in five days (up 53% YTD) on AI-driven sales forecasts. $DXCM surged 6.5% after a bullish investor day and an Elliott Management stake. And CBRS (Cerebras Systems) debuted as the year's biggest IPO — up 68% on day one — though Cramer immediately flagged the froth after it opened at $350 and quickly retreated toward $280. IPO euphoria: still a thing, still dangerous.
Beer sales are down 6% year-over-year, foreclosures are up 18%, and a 2x4 at Lowe's now costs $3.48. The market is at all-time highs. We love a contradiction.