To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. While stocks eked out gains this week, it was a turbulent ride and under the hood some of the biggest winners this year are under major pressure. That’s not just true of the riskiest and most aggressively priced stocks, as crypto has taken hits along with precious metals. Even the juggernaut AI narrative is being tested, with surging credit spreads that represent market skepticism about the epic capex binge under way. US economic data remains scarce but we got lots of updates from China this week showing a surprising slowdown in that economy. Meanwhile the Federal Reserve has sounded the hawkish siren all week and markets are moving to reflect less support than previously expected.