Concerns over tariffs and Chinese AI company DeepSeek caused market fluctuations last week. Technology and related sectors saw sharp declines but recovered as U.S. tech giants reaffirmed their AI investments. Despite weakness in technology, the broader market remained stable, supported by positive economic data, consumer confidence, and rotations into other cyclical and defensive sectors. Trump's leveraging of tariffs on Canada, Mexico and China added to market volatility, alongside fears of an escalating U.S.-China tech war. As expected, the FOMC held the federal funds target rate unchanged at 4.25% - 4.50%. Key data showed stable inflation and better-than-expected personal consumption, though GDP growth slightly missed expectations.