Ask anyone in the bond market why the 10-year Treasury yield has been easing back from its peak of 4.8% earlier in January, and you’ll probably hear that President Trump’s first week back in the White House lacked any big actions on the tariff front.

The bond market may be sending a serious warning signal about the stock market. Even if that's the case, though, the signal would only be for the near term. Bond investors aren't so savvy that they know how bonds or stocks will perform over the next five to 10 years. Over the long term, stocks typically perform well.

Global stocks steadied on Thursday, as a rally fueled by President Donald Trump's spending plans for artificial intelligence infrastructure fizzled and caution set in over what the new U.S. president's next moves on trade might be.