SUMMARY:
Equities were broadly higher on the week, with the Nasdaq leading at +3.21%, the S&P 500 adding +2.24%, and the Dow gaining +0.94%, while the 10-year Treasury yield rose +9 bps to 4.48%. Economic data painted a mixed picture, as April’s labor market showed surprising resilience with nonfarm payrolls adding +115,000 jobs well ahead of the +65,000 estimate, though inflation remained a persistent concern with headline CPI accelerating to +3.8% year over year and PPI surging +6.0% year over year, well above estimates. Fed Governor Stephen Miran submitted his resignation, stating he will vacate his seat when incoming Fed Chair Kevin Warsh assumes his role, while markets have begun pricing in roughly a 50% probability of a rate hike at the January meeting. On the corporate side, Cisco surged +13% on strong AI-driven earnings, Nebius rallied +15% on a +684% revenue surge, and Cerebras soared +68% in its Nasdaq debut after raising $5.55 billion in the largest U.S. tech IPO since Uber, while Biogen fell -6% on disappointing drug trial results. In broader markets, WTI crude jumped +7.5% as Iran talks stalled, spot silver surged +6.1% while gold slipped -0.78%, the dollar rose +0.84%, and Bitcoin advanced +0.68% following the passage of the Clarity Act through the Senate.