Good morning Traders, Investors, & Quants, and happy Friday.

Markets are inching toward new records on the heels of mixed economic data and positive headlines.

Meanwhile the T&Q Index is already up 8% in its first week, a strong validation of the AI and data-driven approach to unearthing market narratives and connections

GDP was revised down. Jobless claims dipped. Semiconductor stocks hit record index weight. And durable goods surged.

Add in shifting trade winds between the U.S., China, and India, plus a fresh volley of political action, and investors face a tricky landscape: resilient but rotational.

Today’s inflation report (PCE) could tip the scales on what comes next.

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S&P Nears Record Highs Amid Mixed Economic Data

U.S. stocks climbed Thursday with the S&P 500 closing just below its February peak. A broad rally saw Materials, Industrials, and Energy lead, while Real Estate and Staples lagged.

Despite the negative GDP revision, investors remained focused on cooling inflation and Fed rate cut odds.

Semis Hit Record Share of S&P 500

The semiconductor sector now accounts for 12.1% of the S&P 500’s market cap, a historic high.

Meanwhile, Vanguard reports 401(k) contribution rates hit a record 12%. The VIX sits well below long-term averages, suggesting a calm market with potential for a continued grind higher.

Gold Market's Dirty Secret

Gold remains strong — but sourcing scrutiny is intensifying. As demand rises globally, miners and regulators are facing pressure over environmental and labor issues behind the shiny asset.

Geopolitics: Ceasefire Holds, But Friction Remains

Iran dismissed Trump’s claims of resumed nuclear talks. China launched a $50B chip war fund to counter U.S. curbs, while also finalizing trade framework terms with Washington.

NATO allies remain cautious on U.S. defense commitments. And in Europe, tech leaders are calling the current moment their "Manhattan Project" for security and innovation.

Domestic Politics: Crypto, Cuomo, and Confusion

The House is preparing a unified vote on major crypto legislation.

Andrew Cuomo faces a deadline to withdraw from NYC’s mayoral race after Mamdani’s surprise win.

A CDC advisory panel took a more cautious tone on childhood vaccines, while public education reform continues to divide the Democratic party.

Trump’s tax plan is under scrutiny, with analysts warning of hidden costs. His feud with the Powell Fed appears to be entering a new chapter as rate policy becomes more politicized.

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Markets Recap

Markets are resilient — but the data beneath the surface tell a nuanced story.

Durable goods strength and falling jobless claims are encouraging. But downward GDP revisions and rising continuing claims suggest moderation.

The next major signal: May’s Core PCE report. Expect the tone for July to hinge on it.

Have a great weekend!