U.S. Equity Markets closed in the red on Monday, extending on Friday losses as the pullback from recent All-Time-Highs continues. There were few fresh drivers for the downside but the overhang of tariffs and uncertainty on geopolitics continues to weigh. US President Trump noted in late trade that tariffs are still going ahead, and the US is on track to implement them by their respective deadlines. On Geopolitics, Trump said that talks are proceeding well regarding Russia and Ukraine, while Russian President Putin said he does not see anything wrong with European participation in the negotiations on Ukraine. Ukrainian President Zelensky said he would be willing to step down if it meant Ukraine could join NATO (if such a proposal was offered). Sectors were mixed, with tech underperforming ahead of NIVIDIA earnings on Wednesday, while there were mixed reports about Microsoft (MSFT) cancelling leases for data centers, bringing into question the large CapEx expectations from the tech sector as they look to bolster AI technology. Health Care outperformed on haven properties while Financials were buoyed by Berkshire Hathaway earnings. Elsewhere, the Dollar saw mild upside with Euro upside post-German election fading by the end of the US session. CDU/CSU came out on top and look set to make a grand coalition with the SPD, although this would still lack the two-thirds majority required for any constitutional reform (like the debt break). Oil prices settled green with upside supported by fresh US sanctions targeting Iranian oil while geopolitics remains in focus, as does supply from Iraq and resumption of Kurdish oil exports. T-notes caught a bid across the curve, supported by falling equity prices with attention turning to more supply on Tuesday and Wednesday after a solid 2 Year Auction yesterday, ahead of GDP on Thursday and PCE on Friday. Elsewhere, Oil closed higher by 0.3% while Gold ended Monday with a further 0.7% gain.
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