SEB chief strategist Jussi Hiljanen said in a note that as markets priced higher odds of a durable US–Iran peace the US 10-year Treasury yield rose to 4.40% and is likely to trade around that level over the coming months. “We expect the US 10-year yield to lack a clear trend in the coming months, trading mostly in a 4.30%–4.50% range,” he said. SEB said a durable Middle East settlement alone is unlikely to push UST yields into a sustained downtrend; that would require supportive macro data and e

Tickmill Group analyst Patrick Munnelly said the AI-driven equity rally is growing more fragile. Leveraged retail exposure, crowded semiconductor longs and fragile sentiment around memory-chip demand leave markets highly vulnerable to negative news. Heavy losses in Asian equities on Friday show markets can swing from comfort to fragility very quickly. The oil-related buffer against inflation has disappeared and renewed security risks in the Strait of Hormuz are resurfacing. Munnelly said this does not necessarily mean AI trading is broken, but crowded positioning could prevent even fundamentally positive news from lifting the market when sentiment turns.

U.S. stocks opened lower: Dow Jones -0.44%, S&P 500 -0.67%, Nasdaq -1.10%. Techs mixed—Micron Technology (MU.O) down 6.0% at the open, SpaceX (SPCX.O) down 1.8%, Apple (AAPL.O) up 0.1%.