Major indexes finished the week narrowly mixed. Small- and mid-cap indexes led the way, posting gains for the fifth consecutive week, while the Dow fell modestly. The S&P 500 Index and the Nasdaq Composite were down roughly 50bp for the week as investors continue to digest the White House's on again/off again trade policy, ongoing developments in AI technology, the Fed, and a long tail of 1Q earnings. However, we note that exactly one month after the White House's surprising decision to pause its week-old reciprocal tariffs, the S&P 500 now sits 835 points higher (+17%) than it was at its recent low seen back on April 7th. Stocks fell in the early part of the week but recovered some losses on Wednesday following reports that U.S. and Chinese officials plan to meet in Switzerland this weekend for trade discussions. Stocks continued to gain through Thursday, buoyed by the U.S. and UK’s announcement of the first new trade deal since April 2. Fed holds rates steady, cites increasingly uncertain economic outlook. ISM Service activity improves in April. US Treasury yields were all higher on the week on the back of positive trade news. Main Japan and China equity indices gained roughly 2% over the week while Europe was barely up. Crude oil prices jumped and Gold ended the week higher, finding support at $3300. The dollar managed a very modest gain on the week - its third week in a row. Bitcoin rallied for the 5th straight week, breaking back above $100,000 for the first time in three months as ETF inflows surged.