Last week was filled with violent moves across assets. Somehow, the S&P actually gained 6%. Most of that was due to a huge 10% rally last Wednesday after the tariff pause, but stocks also finished higher on Friday, rallying from their lows. That set up this week, with markets on the lookout for follow-on tariff news as well as the ramping up of earnings season. In the end, large caps traded lower; the S&P 500 lost 1.5% and the Dow fell 2.7%. However, the Russell 2000 outperformed, up 1%. The S&P traded in an average daily range of 7% last week, including days of 11% and 9%. Huge ranges. Compared to those moves, equities were in a zen-like trance this week. The S&P's daily range was 1-3%.

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