IN THIS ISSUE

• Macro Strategy — Markets Looking Past Tariff Impasse: Cyclical signals remain mixed but underlying fundamentals and market action suggest a higher likelihood that the expansion can continue rather than falter.
  
  
• Market View — From Laggards to Leaders: Is Big Tech “Magnificent" Again?: While we are constructive on longer-term thematic trends in Technology, we maintain our neutral view in the near term on tariff uncertainty, elevated valuations, a broadening profits cycle, and recent Artificial Intelligence developments that generated a correction.
  
  
• Thought of the Week — Zooming Out on the U.S. Treasury Market: Fade the Foreign Buyers' Strike: Foreign investors continue to account for a sizable portion of the U.S. Treasury market, and we remain watchful of incoming ownership data amid concerns of a buyers' strike.​