SUMMARY:
Equities were mixed on the week, with the Dow edging higher at +0.44% while the S&P 500 slipped -0.74% and the Nasdaq underperformed at -1.28%, as the 10-year Treasury yield rose +8 basis points to 4.56%. Economic data was broadly constructive, with ADP employment printing +42,250 jobs, Pending Home Sales beating estimates at +1.4% in April and +3.3% year over year, and Initial Jobless Claims coming in marginally below expectations at 209,000. The preliminary S&P Global Manufacturing PMI expanded to 55.3 from 54.5, while the preliminary Services PMI slipped to 50.9, missing estimates. The May FOMC minutes struck a hawkish tone, with members agreeing inflation risks outweigh employment risks, flagging tariff pass-through concerns, and warning of the risk of unanchored inflation expectations. On the corporate side, Nvidia (NYSE: NVDA) fell -1.7% despite a stellar earnings beat, Intuit (NYSE: INTU) plunged -20% on a workforce reduction and revenue miss, and Walmart (NYSE: WMT) declined -2% on margin pressure and a Q2 guidance miss, while SpaceX announced a June 12th Nasdaq listing targeting a record $80 billion raise. Risk assets broadly sold off, with spot gold -2.3%, spot silver -8.2%, WTI Crude -3.5% amid ongoing Iran peace negotiations, and Bitcoin -4.6%, while the dollar gained +0.4% on the week.