For those of you who weren't around 11 Wall Street there was a Blue and Orange sea of humanity in lower Manhattan, reportedly around 2-3 million strong. And they all got there well before the Knicks championship parade down the Canyon of Heroes began. The big market event this week was Fed policy meeting, the first with Kevin Wash as chair. Treasury yields moved sharply higher particularly at the front end of the curve. Equity markets sold off in response with major indices falling >1% yesterday.

Equities quickly got over most of their late day weakness. Futures bounced overnight and the S&P 500 opened up almost 1% and we've been hovering around that level for the day, reversing a good portion of yesterday’s selloff. The equal-weight lagged modestly, while small caps outperformed. Today's gain puts the S&P in the green for the week (+1%). Tech and in particular Semis drove things, however, and the rest of the market was not as robust. The equal-weight fell just under 1%. Dow Transports fell 4% with weakness in the trucking/freight names on a group downgrade- though this comes after 20-40% YTD gains for them.

Markets are closed tomorrow, and NYC will still be cleaning up after the Knicks parade. Key economic data next week will include PCE and Flash PMIs. Micron will release closely watched earnings, along with CCL, FDX and FDXF, among others. Qualcom will host an Investor Day. The Russell Reconstitution will happen at the close on Friday, so expects lots of volume. Until then, Enjoy your weekend and Happy Father's Day!