Despite all four major indices remaining positive for the week, market sentiment has shifted as trade war tensions between the world's largest economies build. The World Trade Organization expressed concern about potential escalation.

Oil prices slumped below $57, approaching yearly lows amid weak demand, with futures contracts showing contango. Bitcoin retreated to three-month lows just one week after reaching all-time highs, maintaining its correlation with broader markets.

Regional banks raised red flags as Zion and Western Alliance warned about credit quality issues. Meanwhile, gold continues its historic run, currently in its ninth consecutive positive week and ranking as the fourth largest bull market in gold's history, with potential to reach third place with just a 2% move.

VIX posted gains for the third consecutive week while VVIX is at a six-month high, signaling elevated market volatility may persist.