This week felt like a tug-of-war between relief and unease — the weak jobs print and cooling PCE data fed a dovish pivot that sent Nasdaq to record highs, but underneath the cheer was real wage erosion and stubborn inflation that kept the rally feeling fragile rather than triumphant. Oil was the other live wire, swinging from Iran-strike panic near $108 to sharp relief as the G7 confirmed a massive coordinated reserve release. Fed speak was everywhere but directionless — officials split between 'inflation still too high' and 'no reason to hike again' — leaving traders to lean on AI capex conviction (Broadcom, TSM, Micron, Samsung HBM) as the market's real anchor. By Friday the mood was cautiously euphoric: stocks at highs, oil breaking down, but stagflation whispers lingering just beneath the surface.