Market conditions

On July 11, 2019, U.S. equities pushed deeper into record territory as the Dow Jones Industrial Average closed above 27,000 for the first time (27,088) and the S&P 500 notched a record close at 2,999.91, while the Nasdaq slipped slightly, with gains powered by expectations of easier Fed policy. (washingtonpost.com) Federal Reserve Chair Jerome Powell’s second day of testimony reinforced prospects for a July rate cut amid trade and global-growth headwinds, helping keep risk appetite firm. (pbs.org) Fresh data showed inflation remained contained even as core prices firmed (June CPI +0.1% m/m headline, +1.6% y/y; core +0.3% m/m, +2.1% y/y), and weekly jobless claims fell to 209,000, underscoring a still-solid labor market that didn’t derail cut expectations. (bls.gov) Market tone was also colored by policy and geopolitical headlines: the White House scrapped its proposed drug-rebate overhaul, France approved a digital services tax on large tech firms, the U.K. said Iranian boats tried to impede a British tanker in the Strait of Hormuz, and Tropical Storm Barry prompted significant Gulf of Mexico production shut-ins—developments with sector‑specific implications investors were watching. (m.investing.com)

On Friday, June 28, 2019, U.S. stocks edged higher into the month- and quarter-end as the G20 summit began in Osaka and investors awaited the Trump–Xi meeting: the Dow rose 0.28% to 26,599.96, the S&P 500 gained 0.58% to 2,941.76, and the Nasdaq added 0.48% to 8,006.24—capping the S&P’s best June since 1955 and the Dow’s best since 1938 amid hopes for Fed easing. (m.investing.com) Financials outperformed after the Federal Reserve’s CCAR stress tests cleared major banks to lift dividends and buybacks, while the 10‑year Treasury yield hovered near 2.0% as benign inflation and softer growth signals kept July rate-cut expectations alive. (federalreserve.gov) The day’s data showed personal income up 0.5% and consumer spending up 0.4% in May with core PCE near 1.6% year over year, the University of Michigan’s final June sentiment at 98.2, and the Chicago PMI slipping into contraction at 49.7—tempering optimism. (bea.gov) Oil finished the month higher on Iran tensions and expectations of an OPEC+ extension, a backdrop that aided energy but posed cost headwinds for fuel‑intensive industries; Apple dipped after news that chief designer Jony Ive would depart. (ca.investing.com)

On June 21, 2019, U.S. stocks cooled after a record-setting Thursday: the Dow slipped 34 points to 26,719, the S&P 500 edged slightly lower, and the Nasdaq fell about 0.2%, though the Dow briefly hit an intraday record earlier in the session; heavy, options-and-futures “quadruple witching” flows contributed to choppy trading even as the week finished solidly higher for the major indexes. (seattletimes.com) Sentiment was underpinned by the Federal Reserve’s dovish turn two days earlier, which drove the 10‑year Treasury yield below 2% for the first time since 2016 and helped propel gold above $1,400/oz for the first time since 2013. (cnbc.com) Offsetting that optimism, IHS Markit’s flash PMIs signaled the weakest manufacturing growth since 2009 (manufacturing 50.1; composite 50.6), while May existing‑home sales rose 2.5% to a 5.34 million annual rate amid lower mortgage rates. (spglobal.com) Geopolitical risk also flared after Iran shot down a U.S. drone, prompting FAA restrictions on U.S. carriers over parts of Iranian airspace and lifting oil prices, while the U.S. added five Chinese supercomputing entities to its trade blacklist—pressuring chip stocks—as investors eyed a possible Trump–Xi meeting at the late‑June G20. (abcnews.go.com)

On June 19, 2019, U.S. stocks finished modestly higher after the Federal Reserve kept the federal funds rate at 2.25%–2.50% but shifted to a more dovish posture by dropping its “patient” language and emphasizing rising uncertainties, with officials’ projections signaling softer inflation for 2019; the S&P 500 rose 0.30% to 2,926.44, the Dow added 0.15% to 26,504.27, and the Nasdaq gained about 0.4%, helped by a post‑earnings jump in Adobe. (federalreserve.gov) Treasury yields and the dollar slipped following the decision as investors increased the odds of a rate cut as soon as July. (eoption.com) The policy tone unfolded against ongoing U.S.–China trade tensions but with sentiment supported by news that President Trump and President Xi planned to meet at the June 28–29 G20 summit, while energy traders digested a larger‑than‑expected U.S. crude inventory draw that day. (theweek.com)

On Tuesday, June 18, 2019, U.S. equities rallied strongly as trade optimism and easier central‑bank signals outweighed lingering growth worries: the Dow Jones Industrial Average rose about 353 points (~1.4%) with broad gains across the S&P 500 and Nasdaq after President Trump tweeted that he and China’s Xi would hold an “extended meeting” at the June 28–29 G20, while the ECB’s Mario Draghi signaled willingness to add stimulus, pushing global bond yields lower and the U.S. 10‑year near 2.02% ahead of a Federal Reserve meeting that began that day. Labor and inflation backdrops remained benign—May’s unemployment rate was 3.6%, consumer prices were up 1.8% year over year, and May retail sales advanced 0.5%—even as regional manufacturing data had just flashed weakness. Another notable development was Facebook’s unveiling of its Libra digital currency, which immediately drew calls from U.S. lawmakers for scrutiny, adding a fresh regulatory theme to markets that day. (schaeffersresearch.com)

On June 13, 2019, U.S. stocks recovered from earlier choppiness to finish modestly higher, helped by a late-session bid and strength in energy after oil prices jumped on reports that two tankers were attacked near the Strait of Hormuz; the Dow and S&P 500 ended up while the Nasdaq also advanced. (thestreet.com) Oil’s spike contrasted with a drift lower in safe-haven yields, with the 10‑year Treasury hovering near roughly 2.10% as investors leaned into expectations for Federal Reserve rate cuts. (yahoo.com) Fresh data added to the dovish tilt: weekly jobless claims unexpectedly rose to 222,000 and May import prices fell, underscoring muted inflation; at the same time, forecasters like S&P Global were openly calling for at least one rate cut in 2019, while U.S.–China trade tensions and broader growth worries remained a persistent overhang. (cnbc.com)

On June 12, 2019, U.S. stocks slipped modestly as tame inflation and trade uncertainty kept risk appetite in check: May CPI rose just 0.1% month over month and 1.8% year over year, reinforcing bets that the Federal Reserve could cut rates, while the 10‑year Treasury yield hovered near 2.12%. The Dow Jones Industrial Average closed around 26,004 (−0.2%), the S&P 500 near 2,879 (−0.2%), and the Nasdaq Composite about 7,793 (−0.4%). Oil fell roughly 4% to about $51 a barrel on swelling U.S. inventories and softer demand signals, adding to caution. Sentiment was also affected by U.S.–China trade tensions after comments from President Trump about holding up a deal, and by intensifying Hong Kong extradition‑bill protests that rattled regional markets earlier in the day. (bls.gov)

On Tuesday, June 11, 2019, U.S. stocks finished essentially flat as an early rally faded: the Dow fell 14 points (-0.05%) to 26,048.51, the S&P 500 slipped 0.03% to 2,885.72, and the Nasdaq edged down 0.01% to 7,822.57, snapping the Dow’s six‑day win streak. Renewed trade uncertainty weighed after President Trump said he was “holding up” a China deal and threatened more tariffs ahead of a possible G20 meeting with Xi, even as investors continued to price in Federal Reserve rate cuts later in 2019. Economically, May producer prices rose 0.1% headline while core PPI increased 0.4% month‑over‑month (headline 1.8% year‑over‑year), reinforcing tame inflation; recent data had also shown a softer May jobs report (75,000 payrolls added; unemployment 3.6%), bolstering the case for a more dovish Fed. Sector‑wise on the day, defense shares lagged and health care and parts of tech weakened as early gains faded. (za.investing.com)

On Friday, June 7, 2019, a weak May jobs report (+75,000 nonfarm payrolls, unemployment 3.6%, average hourly earnings up 3.1% year over year) boosted expectations for Federal Reserve rate cuts and lifted U.S. equities: the Dow Jones Industrial Average rose 263 points to 25,983.94, the S&P 500 gained about 1% to 2,873.34, and the Nasdaq advanced 1.7% to 7,742.10, capping the S&P 500’s best week since late November 2018. Treasury yields fell toward multi‑year lows as investors priced in easier policy, while gold firmed and oil rose on signs OPEC would extend production cuts. Risk sentiment was also aided by reports of progress in U.S.–Mexico negotiations that aimed to avert tariffs slated for June 10, even as U.S.–China trade tensions lingered. (bls.gov)

On June 6, 2019, U.S. stocks extended a midweek rebound as expectations for easier monetary policy outweighed trade anxieties: the Dow Jones Industrial Average rose 181 points to 25,720.66, the S&P 500 added 0.6% to 2,843.49, and the Nasdaq gained 0.5% to 7,615.55. (seattletimes.com) The tone followed Fed Chair Jerome Powell’s June 4 signal that the central bank would “act as appropriate” to sustain the expansion, which markets read as opening the door to rate cuts. (pbs.org) Trade developments were mixed: negotiations continued over the White House’s threatened 5% tariffs on Mexican imports set for June 10, while President Trump said he could levy tariffs on “at least another $300 billion” of Chinese goods. (cbsnews.com) U.S. data were steady-to-soft: initial jobless claims were unchanged at 218,000 for the week ended June 1; April’s trade deficit narrowed to $50.8 billion; and revised Q1 productivity data showed unit labor costs down 1.6%. (foxbusiness.com) Globally, the ECB held rates at 0% and extended forward guidance “at least through the first half of 2020,” while the U.S. 10‑year Treasury yield hovered near 2.10%, underscoring lingering growth concerns even as equities rallied. (ecb.europa.eu)

On June 5, 2019, U.S. stocks advanced as rate‑cut hopes outweighed growth worries: the Dow Jones Industrial Average rose about 207 points to 25,539, the S&P 500 gained 0.82% to 2,826, and the Nasdaq added 0.64% to 7,575. (ca.sports.yahoo.com) A shockingly weak ADP report showing just 27,000 private jobs added in May stoked expectations that the Federal Reserve would ease policy, while optimism grew that the United States and Mexico would reach a deal to avoid new tariffs. (washingtonpost.com) The 10‑year Treasury yield hovered near 2.13% and U.S. crude oil settled around $51.68 as inventories surprised to the upside, underscoring global‑growth concerns. (ng.investing.com) At the same time, the services side of the economy remained solid, with ISM’s non‑manufacturing PMI at 56.9 for May, while the Federal Reserve’s Beige Book characterized national activity from April through mid‑May as modest with notable tariff‑related uncertainty. (prnewswire.com)

On Friday, May 24, 2019, U.S. stocks eked out small gains after the prior day’s selloff, with the Dow Jones Industrial Average up about 95 points to 25,585, the S&P 500 up 0.1% to roughly 2,826, and the Nasdaq up about 8 points to 7,637; however, the Dow still logged a fifth straight weekly decline, its longest losing streak since 2011, as trade tensions and growth worries lingered. Bond markets signaled caution after the 10‑year Treasury yield sank the day before to around 2.29%, its lowest level since late 2017, while fresh data showed U.S. durable‑goods orders fell 2.1% in April, underscoring softer business investment. Oil prices had tumbled more than 5% on May 23 to their lowest since March, adding to risk aversion. Politically, U.K. Prime Minister Theresa May announced she would resign, stoking Brexit uncertainty, and U.S.–China frictions remained in focus following Washington’s restrictions on Huawei, tempered only by a temporary 90‑day reprieve earlier in the week. (cnbc.com)

On May 23, 2019, U.S. stocks fell as renewed U.S.–China trade tensions and softer data weighed on risk appetite: the Dow declined by more than 250 points (about 1%), Treasury yields slid to multi‑month lows, and crude oil dropped roughly 5% on demand worries, setting up its worst week of the year. The mood was hit by IHS Markit’s flash readings showing U.S. manufacturing PMI at 50.6 in May (the weakest since September 2009) and overall private‑sector growth cooling, while the Commerce Department reported April new‑home sales fell 6.9% to a 673,000 annual rate; labor underpinnings looked steady with initial jobless claims at 211,000. Net, the day pointed to a cooling but still‑expanding economy buffeted by trade uncertainty and tighter financial conditions, pushing investors toward safer assets. (cnbc.com)

On Tuesday, May 21, 2019, U.S. stocks rebounded after the Commerce Department granted a 90‑day reprieve easing restrictions on Huawei, boosting risk appetite in tech: the S&P 500 rose 0.9% to 2,864.36, the Nasdaq gained 1.1% to 7,785.72, and the Dow added about 197 points to 25,877. (axios.com) Retail earnings were a headwind—Kohl’s and J.C. Penney posted weak results and guidance—but were outweighed by the tech bounce; Boeing also advanced on reports a bird strike may have contributed to the March 737 Max crash. (cnbc.com) The macro backdrop was broadly solid yet mixed: unemployment sat at 3.6% in April alongside strong payrolls, inflation hovered near 2% year over year, and Q1 GDP was tracking 3.2% on the advance estimate, while the Fed held rates at 2.25%–2.50% and signaled patience; April existing‑home sales slipped 0.4% to a 5.19 million SAAR, and the OECD (on May 21) trimmed its 2019 global growth outlook to 3.2%, underscoring trade‑uncertainty risks. (cnbc.com)

On Friday, May 17, 2019, U.S. stocks slipped as trade tensions re‑intensified: the Dow Jones Industrial Average fell 0.38% to 25,764, the S&P 500 lost 0.58% to 2,859.53, and the Nasdaq dropped 1.04% to 7,816, with the Dow marking a fourth straight weekly decline. The day’s tone was set by the U.S. move to place Huawei and dozens of affiliates on the Commerce Department’s Entity List, which pressured technology shares, while two countervailing headlines helped cushion broader sentiment: the White House formally delayed potential auto tariffs by up to six months and the U.S. struck deals to lift steel and aluminum tariffs on Canada and Mexico, easing non‑China trade frictions. Macro signals were mixed: the University of Michigan’s preliminary May consumer sentiment jumped to a 15‑year high even as April data earlier in the week showed retail sales and industrial production declined, hinting at softer near‑term momentum. (yahoo.com)

On Thursday, May 16, 2019, U.S. stocks rose for a third straight session as better-than-expected results from Cisco and Walmart and firmer data steadied sentiment after early‑week trade jitters; the Dow gained roughly 215 points while the S&P 500 and Nasdaq also advanced, and the 10‑year Treasury yield edged up near 2.41% as risk appetite improved. (schaeffersresearch.com) Economic reports added support: April housing starts increased 5.7% and initial jobless claims fell to 212,000 for the week ended May 11, even as April industrial production had declined the day before, highlighting some manufacturing softness. (investing.com) Trade tensions remained a key overhang: the Commerce Department formally placed Huawei and dozens of affiliates on the U.S. Entity List effective that day, which rattled parts of the tech supply chain, while separate reports that the White House was likely to delay auto tariffs helped the broader tone. (bis.doc.gov) Against this backdrop, the macro picture was one of low inflation and very tight labor markets, with CPI up 2.0% year‑over‑year in April and unemployment at 3.6%, the lowest since 1969. (bls.gov)

On Wednesday, May 15, 2019, U.S. stocks rebounded even as fresh data signaled a softer economy: the Dow Jones Industrial Average rose about 0.8% to 25,532, the S&P 500 gained 0.8% to 2,834, and the Nasdaq climbed 1.1% to 7,734, while Treasury yields fell as investors bought bonds. (m.investing.com) Earlier that morning, April retail sales unexpectedly declined 0.2% month over month and industrial production fell 0.5%, reinforcing concerns that the manufacturing and goods side of the economy was losing steam. (cnbc.com) Sentiment remained tethered to U.S.–China trade tensions following tariff escalations the prior week, and after the closing bell President Trump signed an executive order declaring a national emergency over telecom supply chains, a move widely seen as targeting Huawei, with officials also moving to place the company on the Commerce Department’s Entity List. (imf.org)

On May 14, 2019, U.S. stocks staged a partial rebound from the prior day’s tariff-driven rout as investors digested the U.S.–China trade escalation and President Trump’s description of it as a “little squabble.” The Dow industrials rose about 0.8% to roughly 25,534, the S&P 500 gained around 0.8%, and the Nasdaq advanced about 1.1%, helped by a bounce in large tech shares and Uber’s first positive close since its IPO. Underlying macro data looked steady: April unemployment was 3.6% (a 50‑year low), inflation hovered near 2% year over year, the Fed had reaffirmed a patient stance at its May 1 meeting, and the 10‑year Treasury yield sat near 2.41% as risk appetite stabilized. Geopolitics also loomed after drone attacks on Saudi Aramco pumping stations briefly lifted crude and underscored headline risk, though Saudi output was not interrupted. Net effect: a relief rally within a still‑volatile, trade‑sensitive market tape. (washingtonpost.com)

On May 10, 2019, the U.S. raised tariffs on $200 billion of Chinese imports to 25%, jolting markets early before a late rebound as negotiators described talks as constructive and the president said discussions would continue; stocks closed modestly higher, with the Dow up about 114 points to 25,942, the S&P 500 up roughly 11 points, and the Nasdaq adding around 6 points, though the week still went down as the worst of 2019 for the major indexes. Treasury yields edged lower, with the 10‑year around 2.46%. The morning’s April inflation report showed tame price pressures (headline CPI +0.3% month‑over‑month, core +0.1%; roughly 2.0% and 2.1% year‑over‑year), reinforcing expectations for a patient Fed, while the prior week’s jobs report put unemployment at 3.6%, a multi‑decade low. A marquee event, Uber’s IPO, underscored fragile risk appetite as shares finished their debut day at $41.57, about 7.6% below the $45 offer price amid trade‑driven volatility. (axios.com)

On May 9, 2019, U.S. stocks finished modestly lower after a volatile session as investors braced for a midnight hike of U.S. tariffs on $200 billion of Chinese imports amid on-again trade talks; the Dow fell 139 points to 25,828, the S&P 500 slipped 0.3% to 2,870, and the Nasdaq lost 0.4% to 7,910. The macro backdrop remained broadly solid but not overheating: the April jobs report showed a 3.6% unemployment rate, while weekly initial jobless claims for the period ended May 4 came in at 228,000, and April producer prices were subdued. Safe‑haven demand kept the 10‑year Treasury yield near 2.45%. Corporate headlines added cross‑currents, with Uber pricing its IPO at $45 per share for trading the next day and Chevron bowing out of the bidding war for Anadarko in favor of Occidental. (washingtonpost.com)

On Wednesday, May 8, 2019, Wall Street finished mixed as investors digested a sharp escalation in U.S.–China trade tensions and fresh geopolitical risks: the Dow inched up 2 points to 25,967, while the S&P 500 fell 0.2% to 2,879 and the Nasdaq shed 0.3% to 7,943; 10-year Treasury yields ticked up to about 2.49% as oil rose after a surprise U.S. inventory draw. (za.investing.com) The catalyst was confirmation that U.S. tariffs on $200 billion of Chinese imports would rise to 25% at 12:01 a.m. ET on May 10, even as negotiators prepared to meet in Washington. (supplychaindive.com) At the same time, Iran said it would scale back nuclear-deal commitments and the U.S. imposed new sanctions on Tehran’s iron, steel, aluminum and copper sectors, feeding risk nerves. (axios.com) Macro data still pointed to a solid domestic backdrop heading into May, with April payrolls up 263,000 and unemployment at 3.6%—a 50-year low—while first-quarter real GDP was running just above 3%. (bls.gov) After the bell, Disney reported results that beat expectations, adding an after-hours corporate highlight to an otherwise cautious tape. (investing.com)

On May 7, 2019, U.S. stocks fell as U.S.–China trade tensions re‑escalated: the Dow Jones Industrial Average closed down about 473 points (~1.8%), the S&P 500 lost roughly 1.6%, and the Nasdaq slipped about 1.9%, with losses tied to expectations that Washington would raise tariffs on $200 billion of Chinese imports later that week; the selloff eased from deeper intraday declines after news that China’s Vice Premier Liu He would still travel to Washington for talks. Bond markets signaled risk‑off as the 10‑year Treasury yield fell to around 2.44%, and crude prices weakened, with WTI settling near $61.40 per barrel on concerns that trade friction would dent global growth; the day’s macro backdrop also included a strong labor market, with the latest JOLTS report showing job openings near 7.5 million in March. (axios.com)

On May 6, 2019, U.S. stocks opened sharply lower after President Trump threatened to raise tariffs on $200 billion of Chinese goods to 25%, then pared losses as reports indicated a Chinese delegation would still travel to Washington that week; the Dow closed down 66 points (-0.25%) at 26,438, the S&P 500 fell 13 points (-0.45%) to 2,932, and the Nasdaq slipped 41 points (-0.50%). Ten of the S&P 500’s eleven sectors declined, led by materials. The macro backdrop remained solid: the April jobs report (released May 3) showed 263,000 new jobs and a 3.6% unemployment rate, the lowest since 1969; first‑quarter GDP grew at a 3.2% annual rate; and the Federal Reserve on May 1 left rates unchanged at 2.25% to 2.50% while characterizing soft inflation as transitory. Oil prices eased around the $60–61 WTI area as trade worries resurfaced.

On May 3, 2019, the U.S. economy looked robust: the April jobs report showed nonfarm payrolls rising by 263,000, the unemployment rate falling to 3.6% (a 49-year low), and average hourly earnings up about 3.2% year over year; first-quarter GDP had recently come in at 3.2% while inflation remained subdued, reinforcing the Fed’s patient stance after leaving rates unchanged on May 1. Stocks rallied broadly as investors cheered strong hiring and steady wage growth, with the Nasdaq closing at a record and the S&P 500 ending just shy of its all-time high; the 10-year Treasury yield hovered near 2.5%. Sentiment was also helped by news that Berkshire Hathaway had initiated a stake in Amazon, while Tesla climbed after announcing a roughly $2.35 billion capital raise; oil traded near $70 Brent amid a build in U.S. crude inventories.

On May 2, 2019, U.S. stocks slipped for a second straight session as investors digested the prior day’s Fed hold and Chair Jerome Powell’s remark that muted inflation looked “transitory,” tempering hopes for near‑term cuts; the S&P 500 fell 0.2% to 2,917.52 and the Nasdaq 0.2% to 8,036.77, while the Dow underperformed, hurt by a drop in DowDuPont. Oil weakened nearly 3% to about $61.81 a barrel after EIA data showed a 9.9‑million‑barrel jump in U.S. crude inventories to the highest since 2017, pressuring energy shares. Macro signals were mixed-to-positive: Q1 nonfarm productivity rose 3.6% with unit labor costs down 0.9%, and ADP estimated a strong 275,000 private jobs added in April, while risk appetite showed in IPOs as Beyond Meat surged 163% in its debut. The policy backdrop also figured into sentiment as Stephen Moore withdrew from consideration for a Federal Reserve Board seat. (axios.com)

On May 1, 2019, the U.S. economy looked solid but mixed: private payrolls surprised to the upside and signaled ongoing labor‑market strength, while manufacturing cooled but stayed in expansion. Financial markets turned lower into the close after the Federal Reserve kept rates unchanged and Chair Jerome Powell downplayed soft inflation as “transitory,” which tempered hopes for rate cuts and pushed the dollar and short‑term yields higher. Fresh data included a robust ADP report for April and an ISM manufacturing PMI that slipped to its lowest expansion reading since 2016. Oil prices eased after government data showed a large U.S. crude‑inventory build, muting earlier geopolitically driven strength. U.S.–China trade talks were under way in Beijing, keeping headline risk elevated. Equities, near record highs after an April rally, finished the session down on the day as cyclicals and tech surrendered early gains while defensives were mixed. (mediacenter.adp.com)

On April 30, 2019, U.S. equities were mixed as investors balanced a strong but low‑inflation macro backdrop with earnings and geopolitics: the S&P 500 hovered near record highs and finished roughly flat, the Dow eked out a small gain, and the Nasdaq slipped after Alphabet fell sharply on a revenue miss, with Apple due to report after the bell. The Federal Reserve began a two‑day meeting with markets expecting rates to remain on hold following a 3.2% annualized advance estimate for first‑quarter GDP and subdued core inflation, while labor conditions remained strong. Trade negotiators from the United States and China met in Beijing amid cautious optimism, and oil prices stayed elevated as turmoil in Venezuela and ongoing U.S. sanctions on Iran highlighted supply risks. Domestically, housing indicators pointed to stabilization (firmer pending home sales alongside decelerating price gains) and manufacturing signals were mixed (a softer Chicago PMI), leaving sentiment constructive but tempered by stock‑specific earnings moves and geopolitical headlines.

On April 26, 2019, the US economy looked stronger than anticipated after the advance Q1 GDP report showed growth surprising to the upside, even as underlying inflation pressures stayed subdued and consumer spending cooled; much of the strength reflected contributions from inventories and net exports while residential investment remained soft. Stocks finished mixed to slightly lower and still near record territory as investors weighed robust big-tech earnings against an outsized drop in a major chipmaker following weak guidance; the upbeat growth print nudged Treasury yields modestly higher and the dollar firmer, while crude oil hovered at elevated levels after the United States moved earlier in the week to end waivers on Iranian oil exports, adding a geopolitical layer to the day’s macro backdrop. Overall, the tone was one of healthy headline growth but cautious interpretation beneath the surface, with markets consolidating after a strong run.