Stocks ended last week on a strong note, and at their highest weekly level since mid-January. Nasdaq led on a percentage-basis too, which is a promising sign, but the inflation-trade continues to reign supreme.
Bond markets were lower as interest rates rose. So long as inflation remains elevated, this will continue to be a headwind for bond prices. The dollar was strong again, and especially against the Japanese Yen. It broke out to multi-year highs.
Crude Oil was higher but other commodities continued to consolidate. Cryptocurrencies put in strong weeks, a sign that we could see a new run in this downtrodden sector. Precious metals had modest rallies too. Cannabis stocks also had an impressive run. Keep an eye on this sector as well.