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1. The threat from rising bond yields.

Stocks have been extending their rally, with the Stoxx 600 grinding out a fifth week of gains as catch-up positioning dominates. Volatility has receded but the yield on 10-year Treasuries is hovering above 4.5% again after a US credit rating downgrade by Moody’s, a level that damaged sentiment towards stocks in the past two years.

“Forget about tariffs, it’s all about deficits now,” says a Barclays team led by Emmanuel Cau. “With the worst-case tariffs scenario likely off the table, investors have shifted their attention to the impending tax bill winding through Congress, and its implications for growth, deficits and interest rates.”

While noting that 4.5% on the 10-year typically signals trouble for equities, there are warning signs at the longer end of the Treasuries curve too. A 30-year yield near 5% reflects mounting concerns over debt sustainability. “If term premium keeps rising and rate volatility increases, equities may come under pressure,” the strategists say.

2. Goldman’s David Kostin said Mag 7 stocks are likely to outperform this year, driven by robust earnings growth.

3. How much euro strength would the European Central Bank be willing to tolerate?

President Christine Lagarde just gave her answer, and it sounds a lot like a green light for euro bulls.

Lagarde pushed back against the idea that a stronger euro is problematic, calling it an “opportunity” rather than a threat. She cited waning confidence in US policy as a factor pushing global capital toward the euro zone. “Europe is rightly perceived as a stable economic and political area, with a sound currency and an independent central bank,” she said. That’s not just a defense of the euro but a strategic reframing of its role in global portfolios.

Lagarde’s remarks echoed earlier supportive tones, reinforcing the idea that the central bank won’t push back against euro appreciation and may even welcome it as a vote of confidence in European stability.

4. Data center electricity demand is set to surge in the next decade, driven by AI.

5. ChatGPT (OpenAI) leads the AI search market with 80% market share.

Traditional search engines like Google show a consistent decline in usage as AI tools reshape how people find information online. Similarweb’s data shows consistent negative growth for traditional search engines alongside ChatGPT’s dominant market position, indicating a significant shift in information discovery patterns.

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