Just when the market was starting to act like it could possibly go five minutes without a fresh identity crisis, here come the IPO rumors. SpaceX could hit in June. OpenAI is reportedly eyeing September. Anthropic is aiming for later in 2026.

Last week's economic data releases were about as consistent as a social media thread about the economy...

On Tuesday, the 20- and 30-year U.S. Treasury yields hit their highest levels since 2008.

Markets last week: Powell handed Warsh the keys to the Fed, two inflation surprises, and a bond market in full tantrum mode. Welcome, Kevin.

Earlier this week, we received both CPI and PPI data, pointing to an economy still dealing with inflationary pressures. CPI came in slightly above expectations in April, while PPI surprised more meaningfully to the upside. Investors should closely monitor how these trends flow into PCE inflation data. Given the differences in how CPI and PCE weight certain categories, particularly software-related services, the AI boom could lead to a larger-than-normal divergence between the two inflation measures. Overall, this will be an important signal to watch going forward, as markets remain highly sensitive to inflation news.

U.S. stocks had a strong week, led by technology.

Recent economic releases point to slowing momentum in U.S. growth. This week’s ISM survey data shows that while activity remains in expansion territory, demand indicators have softened, reflecting more cautious business conditions. Ongoing uncertainty tied to geopolitical conflict and trade policy continues to weigh on confidence, while the lagged impact of earlier monetary tightening is still restraining investment and hiring. These headwinds point to softer growth dynamics, even if outright contraction is avoided. Here’s what’s in the numbers, and where they might hit your portfolio.

Stocks edged higher during the week, with value and international stocks leading the way. Oil crossed $100, short-term U.S. Treasury yields climbed, U.S. gross domestic product rebounded, jobs stayed strong, and earnings continued to beat expectations.

The market moved to a more defensive posture and yields declined as rate cut expectations rose.

Investors rotated into more defensive, value sectors and drove up the price of gold.