Summary: Equities rallied this week, with the Nasdaq leading at +2.69%, the S&P 500 gaining +1.71%, and the Dow advancing +0.74%, even as the 10-year Treasury yield rose +9 basis points to 4.48%. Economic data was broadly solid, with the Chicago PMI falling to 56.7 in June from 62.7 but still topping estimates, JOLTS showing 7.594 million job openings in May, and Challenger data pointing to a slowdown in layoffs, with job cuts falling -4.5% year over year. The private sector added +98,000 jobs in June, slightly below the +120,000 estimate, while the ISM Manufacturing Index expanded to 53.3 despite a modest miss. The standout was the ISM Prices Index, which fell sharply to 73.0 from 82.1, a welcome bright spot on the inflation front. On policy, Fed Chairman Kevin Warsh reiterated his preference to scale back the central bank’s bond portfolio while emphasizing that interest-rate policy should remain the Fed’s primary tool; traders have now fully priced in +1 rate hike at the October meeting, along with a +42% probability of an additional hike in December. On the corporate side, Meta (NYSE: META) jumped over +8% after announcing plans to build a cloud business to sell excess AI computing capacity to third parties, and Nike (NYSE: NKE) popped nearly +5% after topping estimates and expanding gross margin +8.9%, aided by a nearly $986 million expected tariff refund, even as China sales fell -12%. Commodities were broadly mixed to close out June, with spot gold falling -1.2%, spot silver little changed, and WTI Crude declining -1.6% after the US and Iran agreed to halt strikes following renewed hostilities over the weekend, while Bitcoin rebounded roughly +0.50% and the dollar was unchanged.