Good morning. Tech stocks drove the S&P 500 to another record close yesterday, pushed higher by some big price reactions to earnings as well as what may be the most tangible evidence of progress in the Iran conflict since the ceasefire. Maybe. Large caps and small caps matched each other with the S&P 500 and Russell 2000 rising 0.6%. The equal-weight trailed a bit as Tech was the leading sector. Brent and yields both fell, providing another tailwind, while inflation data via PCE remained highly elevated but came in a bit less than expected.

S&P futures are slightly higher this morning as the index looks to push its weekly winning streak to nine. Speaking of streaks, Knicks fans will need to wait until Saturday night to find out who they’re playing in the NBA Finals with the Spurs tying their series up a 3 apiece last night. We haven’t got much follow-up on yesterday’s 60-day ceasefire news from the US side, but Iran’s Tasnim news is reported this morning that the text of the MOU has changed in recent days and Iran has not agreed to it yet. Back on the ferris wheel everyone. In keeping with the Groundhog Day feeling, S&P futures shrugged off the news and are near session highs, but that’s around flat. It’s month-end and an MSCI rebalance at the close, so watch for heightened activity today.

Oil prices continue to drift lower down ~1.5% and ~10% for the week. US natural gas rallied sharply yesterday on warmer weather forecasts and is extending to the upside this morning. The metals complex is mostly lower with the exception of gold. Ag is mixed. Crypto remains stuck in the mud with Bitcoin/Ethereum down ~1% and ~4% for the week. Enjoy your weekend.