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Equities endured losses as yields moved up, US dollar strengthened and oil prices continued to rise. Macro readings in the US remained strong with ISM Services PMI at 54.5, ahead of 52.4 expected, while Jobless claims fell to 216,000 which is the lowest level since February. However, positive economic data contributed to a negative equity performance as the S&P 500 is largely yield driven. While the market decline was broad, US technology losses were driven by more idiosyncratic challenges as tech giants are set to face antitrust investigations in the EU while China is considering a ban on iPhone use for government officials. Bottom line, S&P 500 lost 1.3% over the week while bonds pulled back too with 2y yields moving up to 4.99% and 10y yields increasing to 4.26%.
