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Signs of Cooling Amid Mixed Signals

After a strong rally, markets took a breather last week as major indices drifted lower despite encouraging news on trade and steady interest rates from the Fed. The S&P 500, Nasdaq, and Dow all posted modest losses, suggesting a healthy pause as investors digest prior gains and reassess risks. Developments included a confirmed UK trade deal and renewed U.S.-China trade talks, but investor reactions were muted—hinting that such headlines may already be priced in. Notably, the Russell 2000 showed resilience with a small gain, and cryptocurrencies surged, led by a 6.29% jump in Bitcoin and a 26.65% spike in Grayscale Ethereum Trust. Gold also climbed 2.3% as global uncertainties linger. Sector-wise, Industrials, Utilities, and Technology led the gains while Healthcare lagged sharply. Momentum appears to favor risk-on sectors, as investors gradually shift from defensive plays like Staples toward growth-focused areas, especially as May-July typically supports bullish sentiment in Tech and Discretionary.