Good morning. Records were set yesterday as the S&P rewrote both its all-time highs for intraday and closing price. Breadth was not particularly robust however, as the equal-weight closed unchanged, the Russell 2000 lagged and the Dow fell. It was tech that led the charge, especially the much-maligned software names (IGV +4%). Some higher risk thematic areas also saw continued strength, like Quantum Computing. S&P futures are little changed this morning, trading in the middle of the session’s range. There’s been no major updates on the Iran front, but more incremental news. Iran reportedly proposed letting ships transit Hormuz on Oman’s side of the Strait while the US looks to be leveraging more economic actions to keep the pressure on Iran. US Bank earnings continued to be solid with no red flags in credit or consumer health, including today’s reports.

Moving to economic data, weekly jobless claims continue to remain in the low 200k level, moving down from last week’s 218k. Continuing claims moved higher but also remain at low levels. The Philly Fed Index rose, with New Orders were particularly strong but Prices Paid and Received also jumped, as did the outlook for Prices Received 6 months from now.

Treasury yields are on either side of unchanged and extending their range-bound action over the past 2 weeks. The US Dollar Index is slightly higher, looking to snap a week-long losing streak. Brent crude is up 1% and precious metals are generally up modestly, though silver is slightly lower. Ag is also mostly higher while Bitcoin and Ether are flat to down 1%.