h.
Why should I care?
For markets: Leverage can turn a niche move into a global one.
The metals drop quickly bled into equities: Asian stocks slid, US and European futures fell, and volatility picked up. More worrying, classic “safe havens” didn’t offer much relief – gold was part of the selloff and Treasuries didn’t rally convincingly – which suggests cash needs, not macro views, were driving flows. That leaves richly valued stocks more exposed if incoming data or results disappoint.
The bigger picture: Earnings season is now the main stabilizer.
With technical selling dominating, fundamentals have to earn their keep. A large chunk of the S&P 500 and Europe’s major benchmarks report this week, and investors are especially focused on Big Tech after renewed scrutiny of AI spending. At the same time, global PMIs and US ISM surveys will shape growth expectations, while central-bank commentary will influence the rate path that underpins today’s valuations.
