NY Close Raging Rally

Global markets rallied as a US-Iran ceasefire held and investors priced in a potential de-escalation, despite a mixed US jobs report and record-low consumer sentiment.

Key Takeaways

• 1.The US-Iran ceasefire held, sparking a market-wide 'buy the de-escalation' narrative that boosted equities and tech.
• 2.The April Non-Farm Payrolls (NFP) headline beat expectations at 115K, but underlying details like rising unemployment suggest a September Fed cut.
• 3.Equity market gains were highly concentrated in tech, with 55% of S&P 500 constituents actually ending lower.

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