This weekend feels heavy and frayed at the edges — Iran war escalation is bleeding from rhetoric into real casualties and oil markets, while Trump's Canada tariff shock reopened a trade-war front nobody asked for. Bonds remain a standoff, yields whipsawing near multi-decade highs as fiscal and Fed credibility get pulled in opposite directions, and the AI/memory trade looks technically cracked even as buyback money floods in. The one bright spot is healthcare/biotech, broadening out nicely on the Moderna-Merck vaccine news, offering a rotation story amid the gloom. Overall mood: cautious, stagflation-tinged, waiting for the next shoe (Marvell/IREN earnings, Hormuz diplomacy) to drop.