Yesterday US markets reversed early losses as the eternal hope for a Middle East resolution resurfaced. Equities ended modestly higher as oil prices and yields pulled back. The S&P 500 was up ~0.2%, closing just under 7,450, and is holding on to gains for the week as it attempts to extend its weekly winning streak to 8 weeks for the first time since 2023. Speaking of winning streaks, the Knicks extended theirs last night to nine straight, the longest post season winning streak in franchise history. There have been 13 teams in NBA history to achieve this mark in the playoffs, 7 of those teams went on to bring home the Trophy. The equal weight S&P 500 (+1.5% WTD) and small/midcaps have outperformed this week up between 1% - 2%, recouping a good portion of last week’s rate induced losses. Yesterday the Russell 2k was helped by the administration announcement that it would invest $2B in quantum computing companies, reigniting one of the popular retail thematic trades which had knock on effects.

Global markets played some catchup with the US overnight. S&P futures have been trading modestly higher overnight, started to pullback as oil prices were bouncing, but have pushed back to overnight highs after reports that the Pakistani army chief is headed to Tehran. This was reportedly happening yesterday as well, and when it was refuted markets pulled back from the highs. Oil prices have pulled back from overnight highs while yields are a touch lower. US futures are up ~0.5%.