• Global markets reacted vigorously to Israel’s military strike on Iran, with the world’s share markets falling and oil prices soaring. S&P 500, Dow Jones, and Nasdaq futures all dropped, and U.S. and Brent crude oil surged, entombing hopes for lower-priced oil. This geopolitical strain overshadowed recent positive market news, as U.S. equity funds witnessed their lowest weekly net selling in four weeks, due to a smaller-than-expected rise in consumer prices and a U.S. trade deal with China. Communication services, financial, and industrial sector funds saw net inflows.

• Meanwhile, the 2025 market is assuming a more normalized complexion than the previous two years when the “Magnificent Seven” tech stocks ruled, with a broader range of S&P 500 stocks outperforming the index. On the corporate side, Moderna shares fell on concerns that a new CDC advisory committee will be reluctant to recommend its RSV vaccine for a broader age group, particularly given some of the appointees’ anti-vaccine views. Separately, the CEO of Air France-KLM expressed continued confidence in the Boeing 787 Dreamliner despite a recent fatal crash in India, highlighting that investigations were ongoing.