Markets continued to trade at all‑time highs as earnings exceeded expectations. With 63% of S&P 500 companies reporting so far, 84% beat EPS estimates, providing further support for equities. In the Middle East, negotiations appear stalled as the U.S. continues to restrict access through the Strait of Hormuz, pressuring energy supply. The Fed held rates steady this week, while Jerome Powell announced he will be stepping down as Chair but will remain a Governor through 2028. U.S. GDP grew 2.0% in Q1, with consumer spending moderating amid higher energy prices.