The historic nine‑week winning streak ended this week, with markets selling off in the latter half. U.S.–Iran negotiations appear to have stalled, with both sides engaging in renewed but controlled exchanges of fire. The May payrolls report highlighted continued labor market strength, with 172,000 jobs added. While roughly 55,000 came from local government hiring, likely temporary election-related roles, it was still a strong overall print, with the prior two months revised higher by 93,000. ISM data also remained firm, with stronger new orders and elevated prices. Overall, the data eased concerns about a slowdown tied to higher energy prices but reinforced a Fed “pause” stance, putting upward pressure on yields and contributing to the week’s late sell-off.