The S&P 500 erased a near +1% gain on Friday as unprecedented US strikes and fresh escalation threats sent risk assets sliding.

Brent crude closed above $100 and WTI just shy of $100, with global oil markets operating with roughly 15% less supply as the Strait of Hormuz remains largely shut.

Bond yields pushed higher across the curve, tightening financial conditions as energy-driven inflation fears worsened.

As a result, the US Dollar ended the week at its strongest level of the year, marking its 2nd straight weekly gain as haven demand is surging.

Interestingly, Bitcoin massively outperformed gold, standing out as the week’s strongest major macro asset.

Performance this WEEK:

S&P 500 -1.6%
Nasdaq -1.3%
Russell 2000 -1.8%
Dow Jones -2.0%
US 10-year Treasury yield +15 bps
Bitcoin +6.1%
Bank Index -4.2%
VIX +8% front mth VIX futures -1%
US Dollar Index +1.6%
Gold -2.6%
Silver -4.3%
WTI Crude Oil +9.2%