格陵兰岛开启，随后是日债崩盘、特朗普TACO，日元干预收尾--“头条主宰市场”的一周结束了

Core Viewpoint - The global capital markets experienced significant volatility driven by geopolitical tensions and sudden shifts in monetary policy, leading to a week characterized by extreme fear and rapid rebounds, highlighting the fragility and unpredictability of the current macro environment [1]. Group 1: Market Reactions - The week began with Trump's comments regarding Greenland and subsequent tariff threats, triggering one of the most synchronized market sell-offs since the pandemic [2]. - The collapse of the Japanese bond market, referred to as the "Truss moment," further destabilized the largest bond market globally [2]. - Oil prices surged due to escalating tensions in Iran, while uncertainty surrounding the selection of the Federal Reserve chair intensified market volatility [1][2]. Group 2: Asset Performance - The stock market showed significant divergence, with the Nasdaq barely maintaining slight gains while other major indices declined, marking the first consecutive two-week drop for the S&P 500 since June 2025 [5]. - The Russell 2000 index underperformed the S&P 500 for the first time this year, ending a record 14-day winning streak [7]. - Gold prices rose for five consecutive days, nearing $5,000, while silver reached a peak of $103, reflecting strong demand amid market turmoil [13][15]. Group 3: Investor Sentiment and Strategies - Investors faced a dilemma regarding whether to view the extreme volatility as a structural risk requiring hedging or merely as noise to be ignored [3]. - The traditional 60/40 investment strategy (60% stocks, 40% bonds) faced its largest single-day loss since October of the previous year, prompting discussions on the effectiveness of hedging strategies [20]. - Nearly half of the respondents in a recent Bank of America fund manager survey indicated a lack of protective measures against significant stock market declines, the highest level since 2018 [23]. Group 4: Upcoming Challenges - The upcoming earnings season poses a new test for the market, with major tech companies like META, Microsoft, Tesla, and Apple set to report their results [25]. - The market is at a crossroads, determining whether earnings data can stabilize the situation or if macro uncertainties will continue to dominate risk asset pricing [25].