Equities were mixed this week, with the Nasdaq leading declines at -4.37% and the S&P 500 falling -1.91%, while the Dow bucked the trend with a +0.69% gain, as the 10-year Treasury yield edged down -6 basis points to 4.39%. Economic data was broadly constructive, with the June preliminary S&P Global Manufacturing PMI rising to 55.7 and the Services PMI expanding to 51.3, both beating estimates, while the third reading of Q1 GDP came in at +2.1%, ahead of the +1.6% estimate. The consumer remained resilient, as Personal Income and Personal Spending both climbed +0.7%, and Initial Jobless Claims fell to 215,000, signaling further labor market improvement through Q2, though housing softened and durable goods orders fell -4.5%. On inflation, the PCE Price Index rose +4.1% year over year and +0.4% month over month, in line with estimates; Fed President Austan Goolsbee noted a “glimmer of hope” on services inflation but cautioned that underlying pressures remain too high, and traders have nearly fully priced in +1 rate hike at the October meeting. On the corporate side, Corning (NYSE: GLW) climbed nearly +9% on a multi-billion dollar optical fiber deal with Amazon (NYSE: AMZN), Qualcomm (NYSE: QCOM) rose over +4% after nearly doubling its 2029 non-handset revenue projection and unveiling its Dragonfly C1000 data center CPU, FedEx (NYSE: FDX) was mostly flat following strong earnings ahead of its freight spinoff, and Apple (NYSE: AAPL) plummeted over -5% after announcing MacBook and iPad price hikes tied to surging memory and storage costs. Risk assets continued to pull back, with spot silver tumbling -10.83%, spot gold falling -3.1%, WTI Crude declining -3.1% after the US and Iran reached a deal to reopen the Strait of Hormuz, and Bitcoin extending its slide -6.3%, while the dollar rose +0.58% on the week.