The wrap, written on Sunday, looks back: Friday's global session ended with all four American benchmarks higher — Dow up 0.98 percent, S&P 500 up 0.43 percent, Nasdaq 100 up 0.33 percent, Russell 2000 up 0.85 percent — while the ten-year Treasury yield climbed to 4.74 percent and the thirty-year touched 5.28 percent, pushing breakeven inflation to a two-month high. [1]

The divergence inside the same close is the story. Investors bought equities with one hand and hard assets with the other: gold funds rallied 1.95 percent, silver funds 1.72 percent, miners 2.98 percent, and Bitcoin funds jumped 6.02 percent, a bid the close desk reads as fiscal-credibility hedging around Treasury Secretary Bessent's bond-buyback push. Units matter here — those are fund moves, not bullion prices; the per-ounce figure in circulation is Goldman Sachs' call for $4,900 an ounce by year end, which its own strategists warn is leveraged by crowded options positioning. [1] Rare earths funds surged 6.69 percent. [1]

Tesla rose 5.14 percent after Nevada cleared robotaxis for Las Vegas. Walmart took two price-target cuts that both called the selloff overdone. [1] The week ahead brings Nvidia's earnings Wednesday and flash PMIs, but the domestic echo already shows: a gallon of regular averaged $4.11 Friday, up nearly a dollar in a year. [2] Americans are watching themselves price the war and calling it a rally.

-- MAYA CALLOWAY, New York