The main US equity indices closed lower over the holiday-shortened week but rounded out a month of gains. In contrast to much of the month, small-caps performed better than large-caps, and value stocks held up better than growth shares. The Nasdaq was especially weak, due in part to a sharp decline in cloud software provider Salesforce, which fell sharply after releasing Q1 revenues that missed consensus estimates. Much of the week’s relatively light economic calendar came in roughly in line with expectations. One prominent factor weighing on sentiment appeared to be the Treasury Department’s midweek auctions of five- and seven-year notes, which were met with subdued demand. The weak sales raised concerns that funding the U.S. deficit will drive up yields at a time when the Fed appears to be in no rush to cut rates. Outside the US, STOXX Europe 600 Index ended 0.46% lower as hotter-than-expected eurozone inflation increased uncertainty about policy easing by the ECB beyond June. Japan’s stock markets generated mixed weekly returns, with the Nikkei 225 Index falling 0.4%. In the currency markets, the yen depreciated to around JPY 157.3 against the U.S. dollar, from about 157.0 at the end of the prior week. Chinese equities were little changed after an unexpectedly weak manufacturing reading highlighted growth headwinds on the economy. Chinese equities were little changed after an unexpectedly weak manufacturing reading highlighted growth headwinds on the economy.