Renewed optimism on the latest developments in the Iran War allowed financial markets to focus on economic fundamentals.  The April Jobs Report helped cement the view that the economy is in solid shape. That further encouraged the recent resurgence in the AI trade technology rally, along with significant earnings reports from key tech companies integral to the AI infrastructure build out. Overseas, China and Brazil reported solid increases in business growth. The S&P 500 ended the week up 2.33% with Foreign Developed at 1.05% and Emerging Markets at 6.90%, the latter a primary beneficiary of the technology rally extending to Taiwan and South Korea. In the US, Large Growth- led by the technology rally- outpaced Large Value by 2 to 1. Bond yields.... (click for more)

What the Iran War taketh away in March, it giveth in April.  A declared ceasefire and Iran stating that the Strait of Hormuz is completely open sent stock and bond markets on a fierce rally. Solid US economic news gave the rally a strong underpinning. Manufacturing reported consistent and increasing growth. The services sectors are still solid. The jobs market is still steady. The housing market shows solid underlying demand, although not fully met with supply. For all the hysteria about inflation from the rise in oil prices, pre-war inflation was in good shape. Overseas, Germany and Japan showed some stresses from higher oil prices but, otherwise, global business activity was steady. The S&P 500 ended the month at a very strong 10.42% with Foreign Developed at... (click for more)