After Hours Report

The stock market navigated another eventful week, with inflation data, semiconductor volatility, geopolitical developments, and the highly anticipated SpaceX IPO all competing for investors' attention. By week's end, however, easing oil prices and improving market breadth helped the major averages secure modest gains, with the S&P 500 (+0.7%), Nasdaq Composite (+0.7%), and DJIA (+0.7%) all finishing higher.

One of the week's most notable developments was the market's reaction to inflation data. While both CPI and PPI contained some mildly encouraging elements, neither report materially altered expectations that the Federal Reserve will remain patient on rate cuts. Overall, inflation still remains elevated, reinforcing the view that progress toward the Fed's 2% target remains slow and uneven. Treasury yields ultimately finished the week lower, though investors were left with little reason to expect a significant shift in monetary policy anytime soon.

Technology stocks remained at the center of the action, though leadership within the sector was anything but smooth. Semiconductor stocks experienced multiple sharp reversals throughout the week, highlighted by abrupt selloffs on Tuesday and Wednesday that were followed by equally powerful rebounds later in the week. Despite the volatility, the PHLX Semiconductor Index surged 9.4% for the week, driven by strength in memory and equipment manufacturers as investors repeatedly stepped in to buy dips across AI-related names. The sector's resilience contrasted with continued weakness in software stocks, with Oracle's disappointing guidance adding pressure to an already struggling software group and contributing to a 5.4% weekly decline in the iShares Expanded Tech-Software ETF.

The week's most anticipated corporate event arrived Friday with SpaceX's public debut. The offering priced at $135 per share before opening at $150 and finishing its first session roughly 19% above the IPO price. While some market participants suggested the offering contributed to volatility across mega-cap technology stocks as investors repositioned portfolios and raised cash ahead of the debut, the successful launch ultimately served as another reminder of the strong appetite for growth-oriented and technology-related investments.

Geopolitical developments also played a major role throughout the week. Markets spent much of the first half of the week reacting to developments surrounding U.S.-Iran negotiations and periodic military escalations, which repeatedly influenced oil prices and investor sentiment. Ultimately, optimism surrounding a potential agreement between the two countries helped crude oil prices tumble roughly 7% for the week. That decline became a powerful tailwind for equities, supporting airlines, homebuilders, cruise operators, financials, materials, and other economically sensitive areas of the market. While the energy sector finished slightly lower for the week, falling oil prices helped ease inflation concerns and provided a supportive backdrop for risk assets more broadly.

Perhaps the most encouraging development for bulls was the continued broadening beneath the surface. While mega-cap growth stocks and technology names experienced bouts of volatility, leadership increasingly expanded into other areas of the market. The Russell 2000 (+3.9%) and S&P Mid Cap 400 (+2.8%) comfortably outpaced the major averages, while financials, materials, consumer staples, and real estate all posted solid gains. The improvement in participation suggests investors are becoming more willing to look beyond a handful of mega-cap technology stocks, even as AI-related themes continue to command significant attention.

In the end, the week served as a reminder that markets remain highly sensitive to both inflation and geopolitical developments. Yet despite choppy trading across many of the market's largest stocks, investors consistently bought dips in semiconductors, embraced the SpaceX debut, and rotated into a broader range of sectors. Combined with falling oil prices and declining volatility, that resilience was enough to keep the major averages in positive territory and leave the broader market on relatively solid footing heading into next week.

• Russell 2000: +3.9% week-to-date
• S&P Mid Cap 400: +2.8% week-to-date
• Nasdaq Composite: +0.7% week-to-date
• DJIA: +0.7% week-to-date
• S&P 500: +0.7% week-to-date

Monday: 

The S&P 500 (+0.3%), Nasdaq Composite (+0.9%), and DJIA (-0.2%) started the week on a mostly higher note as semiconductor names rebounded from Friday's selloff, though the major indices finished well off their session highs as participation narrowed throughout the day.

The top-weighted information technology sector (+1.5%) paced the gains, though it too finished with just over half of its earlier gain. Semiconductor stocks led the advance and the PHLX Semiconductor Index (+5.6%) finished with the bulk of its strength.

Gains across the group were relatively broad as investors bought into Friday's dip, with some perhaps following the advice of NVIDIA (NVDA 208.64, +3.54, +1.73%) CEO Jensen Huang, who said over the weekend that the pullback creates a buying opportunity.

In addition to the broader rebound effort, several stock-specific headlines contributed to the action. Intel (INTC 110.27, +11.10, +11.19%) was the top performing S&P 500 name after The Information reported that Alphabet (GOOG 361.17, -4.59, -1.25%) and NVIDIA (NVDA 208.64, +3.54, +1.73%) are considering using the company as a backup chip supplier, while Corning (GLW 187.54, +9.96, +5.61%) moved higher after announcing a multibillion-dollar data center infrastructure deal with Amazon (AMZN 245.22, -0.81, -0.33%).

Though not S&P 500 components, Cerebras Systems (CBRS 237.83, +36.82, +18.32%) surged following its quiet-period expiration after most Wall Street initiations came in with bullish ratings, while Marvell (MRVL 288.85, +25.38, +9.63%) rallied after news that it will join the S&P 500 before the market opens on June 22. Both stocks added to the enthusiasm across technology and AI-related names that supported today's advance.

Elsewhere in the technology sector, Apple (AAPL 301.54, -5.80, -1.89%) reversed a 3% gain after underwhelming investors at its World Wide Developers Conference, where it introduced Siri AI and other AI features for its products.

Participation in the broader market waned considerably throughout the session, leaving just three S&P 500 sectors in positive territory at the closing bell.

The energy sector (+1.1%) outperformed amid a modest bump in oil prices, with crude oil futures settled today's session $0.69 higher (+0.8%) at $91.26 per barrel. Oil finished well off its overnight highs as Israel and Iran, which had been exchanging fire, agreed to halt strikes for the time being.

The consumer discretionary sector (+0.5%) rounds out the three advancing sectors, which was largely due to a solid rebound effort in Tesla (TSLA 408.90, +17.90, +4.58%) after Friday's slide.

Meanwhile, the communication services sector (-1.1%) finished near the bottom of the leaderboard amid weak leadership from its mega-cap components. Alphabet (GOOG 361.17, -4.59, -1.25%) continues to move lower following last week's announcement of an $84.75 billion equity raise, while Meta Platforms (META 585.39, -7.61, -1.28%) finished with a similar loss.

The utilities sector (-1.9%) and real estate (-1.6%) sectors finished with the widest losses after outperforming on Friday, while the materials sector (-1.3%) was pressured by weakness in its construction materials components.

Outside of the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.2%) finished higher, but like the broader market, ceded much of their earlier gains.

Altogether, today's session was somewhat underwhelming, as a powerful rebound across semiconductor stocks translated into only modest gains at the index level. The market continued to face weakness across many of its largest non-semiconductor components, while participation in the broader market steadily narrowed throughout the session. Additionally, the market will face several notable tests throughout the remainder of the week, including key inflation readings, Oracle's (ORCL 211.80, -1.88, -0.88%) earnings release, and the eagerly anticipated mega-IPO of SpaceX on Friday.

There was no economic data of note. 

U.S. Treasuries had a mixed showing to begin the week, as 5s and shorter tenors finished flat while 10s and 30s settled modestly lower after outperforming last week. The 2-year note yield settled unchanged at 4.16%, and the 10-year note yield settled up two basis points to 4.55%. 

Tuesday:

The stock market faced a significant amount of volatility today, with stocks opening to broad strength before a sharp reversal across tech names sent the major averages sharply lower. The S&P 500 (-0.3%), Nasdaq Composite (-1.0%), and DJIA (+0.2%) finished mostly lower, though strength in the broader market helped the indices finish well off their midday lows.

The information technology sector (-1.8%) was at the core of the intraday retreat, finishing as the worst-performing S&P 500 sector. Early weakness across software names limited gains in the sector, but a continuation of yesterday's buying across semiconductor stocks saw the sector advance nearly 1% this morning.

The PHLX Semiconductor Index (-1.9%) was up nearly 2% before charting a sharply lower course that rippled across the broader market. Around midday, the index was down nearly 8%. Most semiconductor and related names reclaimed some of the weakness, but Coherent (COHR 355.94, -45.99, -11.44%) finished as the worst-performing S&P 500 component, while electrical component names such as Corning (GLW 173.94, -13.60, -7.25%) and Lumentum (LITE 821.76, -73.64, -8.22%) also finished near their session lows.

Elsewhere in the sector, Apple (AAPL 290.55, -10.99, -3.64%) extended yesterday's decline as investors remained underwhelmed by the company's AI announcements at WWDC, including updates to Siri and other artificial intelligence features.

Notably, today's reversal across the tech and mega-cap spaces came without a news catalyst, which likely explains the willingness of investors to steadily buy back into those same stocks throughout the afternoon. The Vanguard Mega Cap Growth ETF (-1.1%) finished firmly lower, but significantly improved from the session lows that left it with a nearly 4% loss.

Strength at the sector level also steadily improved throughout the afternoon, returning to pre-midday levels. The energy sector (-1.6%) was the only other S&P 500 sector to finish with a loss as relatively tame developments on the geopolitical front kept oil prices lower, with crude oil futures settling today's session $3.10 lower (-3.4%) at $88.16 per barrel.

The lower oil prices added support for the broader market, with several cyclical sectors, including the materials (+1.7%), industrials (+1.2%), and financials (+0.9%) sectors, weathering the intraday volatility to notch solid gains.

Even the consumer discretionary sector (+0.1%), which was weighed down by weakness in Tesla (TSLA 396.68, -12.27, -3.00%), managed to finish slightly higher, supported by strength in its homebuilder components that sent the iShares U.S. Home Construction ETF 4.0% higher.

Additionally, there was a solid rotation into more defensive sectors, with the health care (+1.3%), utilities (+1.1%), and consumer staples (+1.0%) sectors all posting solid gains. J.M. Smucker (SJM 112.39, +10.62, +10.44%) was the top-performing S&P 500 name after topping EPS expectations and issuing upside guidance.

The real estate sector (+2.1%) captured the widest gain, building on its Q2 strength as investors continue to rotate into lower-volatility, income-oriented areas of the market.

As a result, the S&P 500 Equal Weighted Index (+0.8%) finished with a solid gain despite the retreat in the market-weighted S&P 500 (-0.3%).

Outside of the S&P 500, the Russell 2000 (+0.4%) and S&P Mid Cap 400 (+0.9%) outperformed. 

Overall, today's session underscored the volatility that continues to characterize semiconductor and other AI-related names, though the rebound from session lows also reflected a sustained eagerness to buy dips across growth-oriented stocks. At the same time, the broader market remained notably resilient, with strength spanning cyclical, defensive, and income-oriented sectors alike. The divergence between the equal-weighted and market-weighted S&P 500 suggests that participation beneath the surface remains constructive, even as leadership among the market's largest technology names becomes increasingly volatile ahead of SpaceX's IPO on Friday.

U.S. Treasuries had a steady showing on Tuesday, keeping yields in a narrow range just below their highest levels in three weeks, which masked a volatile session on Wall Street. The U.S. Treasury launched this week's note and bond auction slate with a 3-year note auction, which was received relatively well given the overall volatility across capital markets.

The 2-year note yield settled down four basis points to 4.12%, and the 10-year note yield settled down two basis points to 4.53%.

Reviewing today's data:

• May NFIB Small Business Optimism 95.3; Prior 95.9
• April Trade Balance -$55.9 bln (Briefing.com consensus -$55.5 bln); Prior was revised to -$56.6 bln from -$60.3 bln
  • The key takeaway from the report is that the export strength was concentrated in crude oil exports (+$6.4 billion), fuel oil exports (+$1.3 billion), and other petroleum products (+$1.0 billion), which were boosted by the supply disruptions tied to the difficulties traversing the Strait of Hormuz.
• May Existing Home Sales 4.17 mln (Briefing.com consensus 4.07 mln); Prior was revised to 4.04 mln from 4.02 mln
  • The key takeaway from the report is that existing home sales hit their highest level since December, bolstered by lower mortgage rates (versus the year-ago period) and income gains outpacing home price growth, which led to improving affordability conditions across all regions.
• April Wholesale Inventories 0.6% (Briefing.com consensus 0.5%); Prior 1.3%

Wednesday:

The major averages finished lower today, with another abrupt reversal across technology stocks proving too much for the market to overcome despite opening strength that followed a relatively benign inflation report. Rising oil prices and renewed geopolitical concerns added to the pressure, sending the S&P 500 (-1.6%), Nasdaq Composite (-2.0%), and DJIA (-1.9%) sharply lower.

Stocks showed resilience at the open, as a somewhat better-than-feared May CPI report kept expectations for the Fed's policy path largely unchanged. Headline CPI rose 0.5% month-over-month (Briefing.com consensus 0.5%), while Core CPI increased 0.2% (Briefing.com consensus 0.3%). However, the year-over-year rate for both measures accelerated, with headline CPI reaching 4.2%, marking its first move above 4.0% in three years.

The major averages even spent some time in positive territory as technology stocks oscillated through a choppy opening stretch. The top-weighted information technology sector traded nearly 1% higher within the first hour of action. As they did yesterday, tech stocks eventually rolled over, charting a firmly lower course for the major averages.

The information technology sector (-2.0%) finished as one of the worst-performing S&P 500 sectors, with particular weakness once again coming from semiconductor and other AI-related names. The PHLX Semiconductor Index finished 3.6% lower, with Broadcom (AVGO 372.10, -20.06, -5.12%) a notable laggard among large chipmakers after partnering with Apollo Global Management (APO 131.14, -1.56, -1.18%) on an AI platform backed by an initial $35 billion commitment, while Taiwan Semiconductor Manufacturing (TSM 408.91, -19.01, -4.44%) suffered a similar loss despite reporting record May revenue.

Like the previous session's retreat, today's selloff came without a clear catalyst, suggesting that technology stocks may simply be working through a period of near-term profit-taking after an extended run higher. Some investors may also be raising cash ahead of Friday's highly anticipated SpaceX IPO.

Elsewhere in the technology sector, Super Micro Computer (SMCI 29.27, -11.37, -27.98%) was the worst-performing S&P 500 name after announcing a series of concurrent equity and equity-linked financing transactions totaling $7 billion.

Unlike yesterday's session, the major averages were left largely without support from the broader market, which was further pressured by rising oil prices. Crude oil futures settled today's session $1.77 higher (+2.0%) at $89.93 per barrel amid an escalation in hostilities between the U.S. and Iran, which included President Trump saying more military strikes are planned for today.

The industrials sector (-3.4%) finished with the widest loss, pressured by a variety of factors, including the spike in oil prices, which weighed heavily on airline stocks such as United Airlines (UAL 102.78, -6.85, -6.25%).

Elsewhere in the sector, Amazon's (AMZN 237.93, -6.26, -2.56%) expansion into the less-than-truckload space sent names such as FedEx Freight (FDXF 175.19, -13.27, -7.04%) and Old Dominion (ODFL 235.95, -12.78, -5.14%) sharply lower.

Additionally, electrical product names such as Generac (GNRC 239.11, -21.88, -8.38%), which have become increasingly linked to semiconductor performance, charted a lower course as tech pulled back.

The consumer discretionary sector (-2.2%) faced a similar combination of pressures, with cruise lines and other travel-related names retreating amid higher oil prices, while the pullback across tech included Tesla (TSLA 381.51, -15.17, -3.82%) and Amazon.

Meanwhile, the energy sector (+1.5%) unsurprisingly outperformed, while the consumer staples sector (+1.7%) also notched a solid gain as it extended yesterday's rotational strength. Casey's General (CASY 915.60, +154.42, +20.29%) was the best-performing S&P 500 name after topping earnings estimates, while J.M. Smucker (SJM 116.98, +4.59, +4.08%) extended its own post-earnings rally and Coca-Cola (KO 83.59, +2.25, +2.77%) traded to a new all-time high.

Overall, today's session reinforced the market's recent struggle to sustain upside momentum in technology stocks after an extended rally. Looking ahead, attention now turns to Oracle's (ORCL 201.26, -4.55, -2.21%) earnings after the close and Friday's highly anticipated SpaceX IPO as key catalysts that could further shape near-term sentiment.

U.S. Treasuries recorded slim midweek losses after spending another day inside a narrow trading range even though today's session saw the release of the May CPI report (0.5%; Briefing.com consensus 0.5%). Treasuries reached fresh lows in the early afternoon even though today's $39 bln 10-year note reopening was well received with foreign demand coming in firmly above average. The 2-year note yield settled up one basis point to 4.13%, and the 10-year note yield settled up one basis point to 4.54%. 

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 10.8%; Prior -2.3%
• May CPI 0.5% (Briefing.com consensus 0.5%); Prior 0.6%, May Core CPI 0.2% (Briefing.com consensus 0.3%); Prior 0.4%
  • The key takeaway from the report is that core CPI was not as bad as feared, but that doesn't mean it was good. Core CPI is still running well above the Fed's 2.0% inflation target, so this report was by no means a game-changer in terms of the prevailing view that the Fed won't be cutting rates anytime soon.
• The Treasury Department reported a $292.6 billion deficit for May (Briefing.com consensus: $202.5 bln), which was $23 billion less than the deficit reported for May 2025. Receipts totaled $335.5 billion, while outlays reached $628.2 billion.
  
  • The key takeaway from the report, for some, will be the decline in customs duties, but even more important is the continued increase in the outlay for net interest ($107 billion), which was 47% more in May than the outlay for national defense.

Thursday:

The stock market posted broad gains today, with cooling geopolitical tensions triggering an intraday slide in oil prices that helped the S&P 500 (+1.8%), Nasdaq Composite (+2.5%), and DJIA (+1.9%) chart session highs throughout the afternoon hours.

Stocks opened mostly higher following the PPI report for May (1.1%; Briefing.com consensus 0.7%), which was hotter than expected at the headline level but also included a downward revision to April's reading. Core PPI (0.4%; Briefing.com consensus 0.4%), however, was in line and likewise included a downward revision to the April figure.

The broader market continued yesterday's trend of solid participation, while semiconductor stocks garnered some buy-the-dip interest after several consecutive weaker sessions. However, action remained somewhat choppy during the first half of the session as other tech names and mega-cap stocks elsewhere struggled. Oracle (ORCL 184.10, -17.16, -8.53%) was a laggard after issuing underwhelming guidance alongside last night's earnings beat, while Alphabet (GOOG 356.56, +3.24, +0.92%) traded more than 2% lower before paring its loss.

Even NVIDIA (NVDA 204.87, +4.45, +2.22%) spent time in negative territory, and by the early afternoon, the S&P 500 was defending its flat line.

The market made a sharp move higher in the early afternoon after President Trump said tonight's round of strikes against Iran had been called off due to progress in finalizing a deal. CBS News later reported that "a memorandum of understanding between the U.S. and Iran is likely to be signed early next week, paving the way for further negotiations on a long-term deal."

Crude oil futures settled today's session $2.12 lower (-2.4%) at $87.81 per barrel, leading to improvements across most pockets of the market.

The information technology sector (+2.9%) finished sharply higher, buoyed by a 7.9% gain in the PHLX Semiconductor Index. Memory names such as Sandisk (SNDK 1881.51, +238.28, +14.50%) and Micron (MU 995.87, +103.99, +11.66%) were among the top movers, while machinery names such as Lam Research (LRCX 362.52, +40.72, +12.65%) and Applied Materials (AMAT 552.64, +55.63, +11.19%) also notched double-digit gains.

Elsewhere, the industrials sector (+3.3%) surged as airlines such as United Airlines (UAL 112.61, +9.83, +9.56%) moved sharply higher amid the retreat in oil prices, while electrical product names posted gains in sympathy with semiconductors. The materials sector (+3.3%) captured a similar gain on broad strength, while cruise lines and homebuilders led the consumer discretionary sector (+2.4%) higher in a classic "oil down, rates down, stocks up" fashion.

Tesla (TSLA 399.15, +17.56, +4.60%) provided solid mega-cap leadership, and the Vanguard Mega Cap Growth ETF (+1.8%) shook off its early weakness to chart a gain similar to those across the major averages.

Weakness was largely limited to the energy sector (-2.1%), while the consumer staples sector (-0.5%) faced some selling after several sessions of strong rotational buying. The real estate sector (-0.1%) finished slightly lower.

Outside of the S&P 500, the Russell 2000 (+3.0%) and S&P Mid Cap 400 (+2.6%), which were already outperforming, finished sharply higher amid the afternoon slide in oil prices and interest rates.

Altogether, it was a productive day for stocks, with the retreat in oil prices helping transform an already constructive session into a broad-based rally. The major averages now enter the final session of the week mostly higher, while investors turn their attention to Friday's highly anticipated SpaceX IPO. According to a regulatory filing, the company is offering 555.6 million shares at $135 per share, a development that helped fuel gains across space and rocket-related stocks today. At the same time, some analysts continue to suggest that preparations for the offering may be contributing to recent volatility across mega-cap and technology stocks as investors raise cash and reposition portfolios ahead of the debut.

U.S. Treasuries recorded solid gains on Thursday after an early continuation of this week's sideways drift gave way to a late rally that sent yields toward their closing levels from last Thursday. The 2-year note yield settled down seven basis points to 4.07%, and the 10-year note yield settled down eight basis points to 4.46%. 

Reviewing today's data:

• May PPI 1.1% (Briefing.com consensus 0.7%); Prior was revised to 1.1% from 1.4%, May Core PPI 0.4% (Briefing.com consensus 0.4%); Prior was revised to 0.7% from 1.0%
  • The key takeaway from the report is that producers aren't finding much price relief; hence, consumers won't find much price relief in the near-term either, unless producers choose to absorb the higher costs.
• Weekly Initial Claims 229K (Briefing.com consensus 222K); Prior was revised to 225K from 215K, Weekly Continuing Claims 1.795 mln; Prior was revised to 1.771 mln from 1.786 mln
  • Jobless claims were higher in the latest week, but the key takeaway remains that they are not at levels that would connote a material degradation of the labor market.

Friday:

The stock market ended a bumpy week on a higher note, with falling oil prices contributing to broad market gains that helped the S&P 500 (+0.5%), Nasdaq Composite (+0.3%), and DJIA (+0.7%) finish higher for the week.

Today's session included arguably the most anticipated market event of the week: the SpaceX (SPCX 160.95, +25.95, +19.22%) IPO. The stock got off to a solid start, with the 555.56 million share offering pricing at $135, opening at $150 for an 11% opening premium, and then pushing higher to trade roughly 20% above the IPO price.

There was some volatility across other mega-cap stocks following the debut of SpaceX, with some analysts positing that investors may be taking profits across the group as a source of funds for SpaceX's debut. However, it is also worth noting that the group is coming off a solid gain in yesterday's session.

Amazon (AMZN 238.55, -2.96, -1.23%) was a laggard, though Tesla (TSLA 406.43, +7.28, +1.82%) reversed an earlier loss, which helped the consumer discretionary sector (flat) reclaim its flatline late in the session. The Vanguard Mega Cap Growth ETF (+0.2%) finished little changed.

The information technology sector also faced some volatility across its largest components, but was supported by another solid showing from its semiconductor components today. Advanced Micro Devices (AMD 511.57, +23.12, +4.73%) was a chipmaker standout after Citigroup upgraded the stock to Buy from Neutral with a $575 target.

The PHLX Semiconductor Index added 1.5% to what was already a solid week.

Elsewhere in the sector, Adobe (ADBE 204.02, -14.78, -6.76%) lagged after topping earnings expectations as the strategic pivot toward freemium user acquisition and AI engagement, along with a CFO departure, weighed on the stock.

Meanwhile, stocks benefitted from another strong showing across the broader market as oil prices retreated again today. Crude oil futures settled today's session $2.93 lower (-3.3%) at $84.88 per barrel amid reports that the U.S. and Iran are nearing a peace agreement that could come into effect by next week.

Similar to yesterday's action, the materials sector (+1.8%) finished with the widest gain today, with chemical names Mosaic (MOS 22.69, +1.60, +7.59%) and Albemarle (ALB 170.42, +11.36, +7.14%) finishing as the top-performing S&P 500 names.

The financials (+1.4%), utilities (+1.1%), and real estate (+1.0%) continued this week's broadening out trend with solid gains, and only the health care sector (-0.2%) finished lower.

Outside of the S&P 500, the Russell 2000 (+0.8%) and S&P Mid Cap 400 (+0.7%) also notched solid gains.

Overall, the week ended on an encouraging note, with strength extending well beyond the technology sector as falling oil prices and easing geopolitical concerns supported risk appetite. The combination of a successful SpaceX debut, continued semiconductor leadership, and improving participation across cyclical sectors suggests investors remain willing to look through near-term volatility, particularly if developments on the U.S.-Iran front continue to move in a constructive direction.

U.S. Treasuries ended the week on a modestly lower note with the long bond dipping from its June high, though the complex remained in positive territory for the week. The 2-year note yield settled up two basis points to 4.09% (-7 basis points this week), and the 10-year note yield settled up two basis points to 4.49% (-5 basis points this week).

Reviewing today's data:

• June University of Michigan Consumer Sentiment - Prelim 48.9 (Briefing.com consensus 46.2); Prior 44.8
  
  • The key takeaway from the report is that the improved readings revolved around the early-month easing in gasoline prices, which was a relief factor felt by consumers across age, education, and political party. Still, there were reported concerns about higher inflation remaining stubborn.