Strong momentum carried over from the prior week, with the S&P 500 closing at a new all-time high on each day of the week. Since the March bottom, the market has logged nine straight weeks of gains—a streak last seen in December 2023. While U.S. and Iranian negotiators have agreed to a 60-day ceasefire, final approval from President Trump is still pending. On the data front, Core PCE—the Fed’s preferred inflation gauge—rose 0.2% month-over-month in April, while personal spending increased 0.5%. This suggests consumers remain resilient, continuing to spend despite pressure from elevated energy prices.