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

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

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

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.