Stocks recorded mixed returns this week as attention focused on earnings reports. 35% of S&P 500 Index companies (or 44% of its market capitalization) were scheduled to release results during the week. Meta and Microsoft jumped while other FAANGs were mixed. Cyclical sectors generally performed poorly, however, as investors weighed several new signs of an economic slowdown. Early in the week, several measures of regional manufacturing activity came in well below expectations and indicated that factories were cutting back on production in April. US durable goods orders excluding aircraft and defense fell 0.4%. US retail inventories rose 0.4% for the month, more than expected. US GDP in the first quarter came in at 1.1%, well below consensus expectations of around 2%. Renewed turmoil in the banking industry also heightened fears of a slowdown and possible recession. On Friday morning, First Republic’s stock fell further after CNBC reported that the FDIC was planning on taking the bank into receivership that evening. U.S. Treasury yields modestly decreased. Concerns increased about the approaching debt ceiling date and negotiations for raising it. Shares in Europe fell as fears that interest rate increases might tip the economy into recession intensified. Chinese stocks ended mixed ahead of a five-day holiday as Beijing reaffirmed its supportive policy stance. Amid a very volatile week, Bitcoin was notably higher, pushing back above $29,000...