The S&P 500’s 9-week winning streak came to an end last week, thanks in part to a strong monthly jobs report on Friday that sent treasury yields higher, pressuring equities and piling onto already-present tech weakness to push the index into the red.

At its low on Thursday the S&P was looking at another down week. Maybe drawing parallels to the New York Knickerbockers after losing Game 3 of the Finals to end their winning streak, then getting crushed early on in Game 4. But like the Knicks- maybe not quite as historical- a surge in the second half pushed equities higher and those gains were extended on Friday. The late-week strength pushed the S&P 500 to a 0.6% gain. The equal-weight showcased strong breadth, rising almost 2%. Nine of eleven sectors were higher. The large and mega cap growth names that have propelled the index actually fell about 1%. Basically everything else stepped up in their place. Small caps ripped 4%.

Materials, Financials and Staples were the leading sectors this week. Tech was about in line with the index but it was a Tale of Two groups: Semis flew. Software crashed. Comm Services was at the bottom this week, with Meta and Alphabet supplying most of the pressure. Energy lagged on oil’s decline.

Next week the Federal Reserve will hold its first interest rate meeting under new chair Kevin Warsh. The focus will be on how Warsh conducts his first post-meeting press conference compared to Powell. Retail Sales, Industrial Production, Housing Starts and Sales and the weekly jobless claims will hit the tape next week. Markets will be closed on Friday for Juneteenth. Most importantly, we’ll find out if the Knicks can bring home that championship that’s been 53 years in the making. One way or another the NBA Finals wraps up by the end of the week. Let it be sooner than that. Go Knicks!