Good morning. U.S. equity markets capped off last week with another win, as stronger-than-expected jobs data and fresh signs of progress on trade lifted sentiment across the board. The S&P 500 and Dow each posted their ninth consecutive daily gain, a feat not seen since the mid-1990s. Investors are now eyeing the 10-day mark, a psychological milestone that would signal just how strong this rally has become.

Job creation in April beat expectations, while wage growth remained moderate, suggesting the labor market remains strong but not hot enough to stoke inflation concerns. Meanwhile, reports that China may be willing to engage in new trade talks helped soothe fears of a drawn-out economic standoff. The week ahead features a packed slate of economic and central bank events that could test this renewed market optimism.

China’s Secret Trade Weapon: Data Control
The Economist explores how China’s growing practice of withholding or manipulating key economic data has emerged as a new front in the trade war. By obscuring factory output, employment, and exports, Beijing limits foreign insight into its economic vulnerabilities. This data black box may complicate U.S. attempts to gauge leverage in upcoming trade negotiations.
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Trump Downplays Economic Worries as Trade Talks Loom
WSJ reports President Trump has shrugged off concerns about the economic impact of his tariff policies, arguing that any short-term pain will be offset by better trade deals. Administration officials maintain that job gains and earnings resilience justify patience, though critics say the risks are rising.
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Where Is China’s Economic Data?
As tensions with the U.S. heat up, Chinese authorities have gone quiet on several major economic indicators. WSJ reports on the growing concern among economists and investors about the implications of Beijing’s lack of transparency. The data drought could rattle markets already on edge about global growth.
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Why the Fed May Disappoint This Week
MarketWatch warns that investors expecting a Fed pivot could be in for a letdown. While rate cuts are still expected later this year, Fed officials are likely to signal patience in the face of solid labor data and persistent inflation risks. Markets may need to adjust expectations.
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The Aging Crisis Experts Fear Most
As Social Security and Medicare face structural strains, MarketWatch highlights the long-term challenges that keep aging policy experts up at night. Chief among them: longer life spans, rising healthcare costs, and political gridlock. Fixes will likely require bipartisan compromise that seems distant today.
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Buffett to Remain Chairman as Abel Takes Over as CEO
CNBC reports that Warren Buffett will step down as CEO of Berkshire Hathaway by year-end, with longtime lieutenant Greg Abel assuming the role. Buffett will remain Chairman. The succession announcement had long been expected and is seen as a vote of continuity at the conglomerate.
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Stocks finished higher on Friday following a solid April payrolls report, with small- and mid-cap stocks leading gains. The S&P 500 rose for a ninth straight day, recovering all of April’s steep losses. All 11 sectors closed higher, led by financials and industrials. Treasury yields climbed, with the 10-year rising to 4.32%, while the U.S. dollar slipped. Oil prices fell despite stronger equities, as traders weighed OPEC+ output risks and improving U.S.-China trade sentiment.

Markets are rolling into May with strong momentum, as economic data, corporate earnings, and geopolitical signals continue to align. But with a packed week of central bank meetings and trade diplomacy ahead, we wouldn’t be surprised to see volatility return. For now, however, investors appear willing to give the benefit of the doubt—and the bulls are in control.