Markets regained a measure of calm in early trading on Friday, with stocks rising slightly and bonds trading flat.

It has been a bruising week, with investors’ fears about the war in Iran, government deficits, the state of the economy and a deluge of A.I. debt coming to a head. This confluence hit the bond market particularly hard, although signs of stress could also be seen in stocks, currencies and commodities.

A surprising midweek move by Treasury Secretary Scott Bessent to ease stress in the bond market has already mostly faded, with yields springing back to where they were before the intervention, near multi-decade highs. Stocks remain on track for a weekly decline. The combination of a fall in the value of the dollar and a jump in the price of gold suggests that investors are anxious about the path of U.S. fiscal policy.