Tech Wreck Trumps Iran Deal Optimism; Bitcoin & Bullion Bid Into Big Week

Tl;dr: Any tailwinds from lower oil prices (US-Iran deal progress) were quickly eviscerated by Tech weakness ('cheap' China/Japan models and DeepMind departure, and SaaSpocalypse 2.0). Bond yields (higher) also ignored lower oil (heavy IG calendar), helping dollar gains. Bitcoin and bullion gained on the day.

As Goldman's Chrish Hussey noted, markets adopted a defensive posture on Monday as they revisit the AI trade and contemplate the evolving geopolitical landscape following a long weekend in the US.

Oil