After six straight weeks of 'weakness', US Macro Surprise data surged higher this week. But good (macro) news is not necessarily good news for markets. After four straight weeks of gains, The Dow suffered its worst week since March 2023. The Russell 2000 also saw its first weekly loss in the last five. The Nasdaq sharply outperformed on the week (hitting a new record) while the S&P managed to rally on Friday to get green for the week. Hawkish Fed Minutes spooked stocks midweek but NVDA's earnings saved the tech-heavy indices. After beating earnings consensus estimates, NVIDIA shares rose 9.3% on Thursday, adding roughly USD 220 billion to its market capitalization. The good news for NVIDIA did not translate into broader gains for the market. Nearly 90% of the stocks in the S&P 500 closed lower in the Thursday session, seemingly due to data suggesting a rebound in growth in May—leading, in turn, to speculation that the Federal Reserve would wait longer to cut interest rates. Better than expected macro data and hawkish FOMC minutes appeared to drive a modest rise in longer-term bond yields, while futures markets began pricing in only a 40% chance of more than one Fed rate cut this year. In the rest of the world, the STOXX Europe 600 Index and Nikkei 225 both ended the week slightly lower. Gold had its worst week in 8 months. Copper had its worst 2-day decline in 13 years. Bitcoin rallied for the second week in a row, rebounding today to $69,000. Ether hit $3,800 after the ETF spot approval by the SEC.