The Weekend Linkfest

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A belated good Sunday morning. Markets ended the week down, despite Friday's rally. The one-two punch of robust global inflation and rising bond yields may have finally disabused those hoping to get a rate cut for Christmas this year.

Traders seemed to suddenly ask What? Inflation? That query led the Dow Jones Industrial Average down 1.8% on the week. The S&P 500 dropped 1.9%, abandoning, at least for now, its breakout over the March 2000 closing high of 1527. Whether that turns out to be have been a bulltrap will be determined in relatively short order.

The Nasdaq held up surprisingly well, falling only 1.5%. Small-caps in the Russell 2000, however, took a 2.1% hit. But the real damage was elsewhere: Global stocks and emerging markets took a 2.4% drop, while real estate investment trusts lost 3.7% and European stocks took a 3.8% drubbing. Oil fell half a percent, and gold dropped 3.8%. ...