SUMMARY:
Equities were mostly higher on the week, with the Nasdaq leading at +3.67%, the S&P 500 adding +1.78%, and the Dow slipping -0.11%, while the 10-year Treasury yield edged up +2 bps to 4.39%. Economic data was mixed but showed pockets of strength, as manufacturing activity hit its best expansionary reading since May 2022, factory orders beat estimates, and New Home Sales surged +7.4%, though ADP payrolls missed forecasts, jobless claims ticked higher, and mortgage applications fell for a second straight week. The Fed held rates steady, with Boston Fed President Susan Collins distancing herself from post-meeting language markets read as signaling future cuts, while Kevin Warsh is set to lead the June meeting and markets price in no cuts until Q2 2027. On the corporate side, AMD surged +18% on blowout earnings, Disney rose 7% on streaming and parks strength, and Corning jumped +12% on a major Nvidia investment, while Palantir shed -7% despite beating estimates and Spirit Airlines ceased operations after government bailout talks collapsed. In broader markets, gold and silver climbed +1.5% and +4.1% respectively, Bitcoin gained +2.5%, and WTI crude slumped -4.6% on news of a proposed U.S. deal with Iran to reopen the Strait of Hormuz.