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Weekly Market Data
• Markets balanced competing forces during the week, including concerns about interest rates, a tech selloff, and a rebound in AI-related stocks following better-than-expected earnings.
o The S&P 500 fell -1.94%.
o The NASDAQ lost -4.59%.
o The S&P/TSX increased 0.39%.
• The week began with the S&P 500 and Nasdaq under pressure.
o On Monday and Tuesday, semiconductor stocks dropped, dragging sentiment in the broader market down with it.
o Concerns about the Fed's outlook on interest rates for the near future and weakness in Asian chip markets weighed heavily on tech shares.
• The S&P 500 gapped down to open Tuesday.
• On Wednesday, the index consolidated, but chipmakers extended losses as investors adjusted sentiment after the sector's strong run earlier in the year.
o Volatility increased as Treasury yields remained elevated and traders continued to digest the Federal Reserve's hawkish messaging from the prior week.
• However, sentiment improved slightly on Thursday after Micron (MU) reported better-than-expected earnings.
o The results boosted confidence in market demand for memory chips and data-center equipment.
o Semiconductor stocks bounced on the news, but ultimately it wasn't enough to overcome weakness from the tech sectors.
• Elsewhere, May’s Personal Consumption Expenditures (PCE) index report was in line with expectations regarding inflation.
• On Friday, tech stocks dropped again due in part to news that OpenAI may delay their planned IPO until 2027.
• Overall, health technology, health services, and transportation were among the top performers during the week, while communications, non-energy minerals, and electronic technology lagged.
• Treasury yields were relatively volatile during the week as investors evaluated incoming economic data and navigated uncertainty regarding the Fed's outlook on interest rates.
o An update on GDP revised the final estimate of first-quarter GDP higher, suggesting the economy remains strong even amidst slower consumer spending growth.
• On Wednesday, US 10-year yields dropped over 2.2%, while 30-year yields fell 2%.
• On Thursday, the Fed's preferred inflation measure, the PCE index, was in line with expectation regarding inflation.
• Overall, yields fell substantially across the board during the week.
• After dropping over 10% the week prior, crude oil prices continued to trend lower during the week.
o Despite more volatile headlines amidst the prior week's announcement of a US-Iran peace deal, including an incident on Thursday that raised new worries about the sustainability of the deal, crude oil managed to fall for the third week in a row.
• Elsewhere, falling energy prices helped reduce inflation concerns and provided support for sectors sensitive to fuel costs.
• WTI crude traded near $70 per barrel heading into the weekend, substantially lower than its current 2026 all-time high.

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Weekly Market Data
• Markets reacted to 2 major storylines during the holiday-shortened trading week: a peace agreement and the Federal Reserve's first meeting under new Chair Kevin Warsh. Investors will watch for more key updates on the economy during the coming week.
o The S&P 500 rose 0.96%.
o The NASDAQ gained 2.44%.
o The S&P/TSX decreased -0.18%.
• The market entered the week with a tailwind; on Monday, the US and Iran formally announced a peace deal that would reopen the Strait of Hormuz, triggering a broad risk-on rally.
o The Nasdaq surged 3.07% and the S&P 500 climbed 1.65%.
o Tech stocks led across the board, with some semiconductor names posting double-digit gains.
• The SpaceX (SPCX) IPO, which debuted the prior Friday as the largest in history, also pushed higher, jumping nearly 20% for a second straight session.
• Tuesday brought a more complicated picture; financial stocks rose, but the Nasdaq reversed sharply, dropping 1.15%, and the S&P 500 slipped 0.57%, weighed on by a steep selloff in semiconductor names.
• Wednesday was defined almost entirely by the Fed.
o In new Chair Kevin Warsh's first Fed meeting, interest rates were held steady as expected but left the door open for at a rate hike later in 2026.
o Warsh's press conference added to the uncertainty, and markets sold off sharply in response.
o The S&P 500 fell roughly 1.4% and the Nasdaq shed about 1.5%.
• On Thursday, however, stocks managed to bounce going into the long weekend, recovering much of its Wednesday drop.
• Bonds were front and center this week, with the Fed meeting serving as the primary catalyst.
• Heading into Wednesday, yields had been easing modestly as the Iran deal lowered some energy-driven inflation.
o The 10-year Treasury yield sat near 4.48% entering the week.
• However, Wednesday's Fed meeting resulted in volatility.
o The new Fed chair did not signal a definitive path forward regarding interest rates, sending yields surging, with the 2-year yield jumping 15 basis points and the 10-year pushing back toward 4.46%.
o The rate market, which had priced near-certain odds of a hold on interest rates, is now repricing the possibility of a hike later this year.
o The Produce Price Index (PPI) report released Wednesday morning added fuel to the fire, with headline wholesale prices climbing 1.1%, well above the 0.7% consensus.
• Following Monday's announcement of a peace deal, oil prices fell across the board.
o WTI fell toward $75 per barrel by Wednesday, its lowest level since early March, sliding for 6 consecutive sessions as the market priced in a wave of new supply following the peace deal.
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