Summary: Equities sold off sharply this week, with the Nasdaq leading declines at -3.81%, the S&P 500 falling -2.51%, and the Dow slipping -1.38%, as the 10-year Treasury yield edged down -1 basis point to 4.46%. The labor market showed continued resilience, with nonfarm payrolls adding +172K jobs in May, well ahead of the +88K estimate, alongside an upward revision to April from +115K to +179K and a steady unemployment rate of 4.3%. Inflation, however, remained the key concern, as headline CPI rose +4.2% year over year and producer prices ran hotter than expected, with PPI jumping +1.1% month over month against a +0.7% estimate. In housing, MBA Mortgage Applications surged +10.8% for the week ending June 5th and Existing Home Sales rose +3.2% in May to 4.17 million units. With consumer and producer prices running hot, traders are now pricing in a +68% probability of a rate hike by the December meeting, with +1 hike fully priced in by March 2027. On the corporate side, Oracle (NYSE: ORCL) fell -8% after announcing plans to raise an additional $20 billion in equity and debt despite a strong beat on remaining performance obligations, Casey’s General Stores (NYSE: CASY)soared +20% on strong fiscal Q4 earnings and a +14% dividend hike, and SpaceX (NYSE: SPCX) is set to debut tomorrow at an expected $1.8 trillion valuation in what is poised to be one of the largest public offerings in history. Risk assets remained under pressure, with WTI Crude falling -4.5% on a mixed Middle East picture, spot gold declining -2.7%, and spot silver slipping -0.86%, while Bitcoin rallied +3.1% after the prior week’s nearly -14% drop and the dollar declined -0.86%.