Friday felt ominous at the gate. A jittery market heading into the weekend, where doomscrolling and misinformation reign supreme. Selling triggered selling, as major indices closed at session lows. There was also a jump in late volume, underscoring the shift from frustration to fear.

Nowhere to Hide

The prevailing theme now is that there is nowhere to hide among the various factors. Low volatility held up the most, as growth took it on the chin, with individual narratives roiling major Technology (XLK) names, and a realization of higher yields and less Fed accommodation also taking a toll.

I’m still surprised at how hard value has come down.

Traditional Safe Havens

Energy (XLE) stocks enjoyed a strong session, followed by traditional safe havens: Utilities (XLU) and Consumer Staples (XLP). Both are expensive on an absolute basis, but are still seen as temporary foxholes.

Bonds Bummer

The 60/40 portfolio, which had been the “gold standard” until the last five years, was getting a bit of a resurgence among professional investors but had a major setback this month.

Over the weekend, the Houthis stepped up, but the big market mover is scuttlebutt that President Trump is ready to make moves to contain Iran’s energy. This conflict is moving to the next phase unless a deal can happen before the ten-day extension offered last week expires.