Following the start of the Iranian conflict over the weekend, oil, gold, and the U.S. dollar have surged amid heightened geopolitical uncertainty.

AI fears and escalating tensions with Iran influenced the markets this week.

As markets react to this weekend's escalation in the Middle East, our CIO Eric Stein offers a grounded perspective on what's driving the volatility.

Three numbers tell the small cap story right now: Earnings, valuations, and rates. It’s a setup that deserves attention.

The defining macro event last week was the Supreme Court’s 6–3 decision to strike down President Trump’s global “Liberation Day” tariffs imposed under IEEPA authority, reaffirming that tariff powers rest with Congress rather than the executive branch. The decision overturned a system that had driven average tariff rates close to 25%. In response, President Trump plans to implement a new broad 10% tariff (that may potentially be raised to 15%) under Section 122, citing issues with international payments as the justification.

If inflation isn’t fully broken and growth isn’t overheating, how much risk should fixed income investors take— and where?

U.S. equities moved higher while Treasury yields rose and the curve flattened.

Amid a backdrop of positive technicals and emerging late-cycle behavior, high starting yields should anchor returns once again in 2026.

After a year of strong outperformance relative to U.S. markets, international equities are continuing their comeback following a prolonged period of underperformance. Year-to-date returns (in USD terms) highlight the rotation: - MSCI Korea: +35.28% - MSCI Emerging Markets: +10.78% - MSCI Japan: +10.23% - MSCI Europe: +4.93% - S&P 500: -0.03%

The market moved to a more defensive posture and yields declined as rate cut expectations rose.