"Retail investors' net single-stock buying has fallen to a new post-COVID low"

1. Rate expectations vs. inflation. "Markets turned the most hawkish right as the latest inflation impulse was already rolling over."

2. Correlations. "Correlations across major asset classes sit in roughly the 93rd percentile of their historical range, meaning oil, bonds and currencies have tended to move together more than usual. At the same time, stock correlations have fallen to their lowest levels in more than a decade."

3. Vol Panic Index. Goldman's Panic Index entered the week at a 2-year low.

4. Retail activity. "Retail investors' net single-stock buying has fallen to a new post-COVID low".

5. Credit default swaps. "CDS spreads [are] widening for hyperscalers. In contrast to overall IG CDS spreads".

ICYMI