Market Overview - Bond yields are down across the board, indicating a risk-off sentiment in the market [1] - The 10-year Treasury yield is currently at 4.05%, with a potential risk of falling below 4% [1][4] - The NASDAQ is experiencing a key reversal day, with a new intraday all-time high followed by a reversal lower [2] Treasury Market Dynamics - New low yields are being observed across the entire Treasury curve, from 2-year to 30-year bonds [3] - The 10-year yield settled at 4.14%, down nearly 10 basis points on the day, and only down about 7-8 basis points for the week [4] Currency and Economic Indicators - The dollar index has shown resilience, currently around 99, up from approximately 97.75 last week [5][6] - The market appears to believe that the impact of recent tariff news will be short-lived, similar to previous tariff-related market movements [5] Potential Market Reversals - Any positive developments regarding tariffs or trade relations, such as favorable social media posts, could lead to a rapid reversal in market trends [6][7] - The significance of the closing yield for the 10-year Treasury is emphasized, particularly in relation to the 4% threshold [8]