Major U.S. stock indexes finished the holiday-shortened week higher. Small-caps index Russell 2000 outperformed (+3.5% over the week) followed by the Dow Jones (+2.3%). Both the S&P 500 and Nasdaq indices closed at all-time highs for the second week in a row. Much of the focus during the week centered around the progress of the Trump administration’s “Big Beautiful Bill”, which was narrowly passed by the Senate on Tuesday and by the House of Representatives on Thursday afternoon. Trade-related headlines also continued to flow during the week, with President Trump announcing a trade deal with Vietnam on Wednesday and making comments around negotiations with several other trade partners ahead of the upcoming July 9 tariff deadline, when the 90-day pause on reciprocal tariffs is expected to end. On the economic data front, US non-farm payrolls beat estimates while the unemployment rate ticked lower. According to the ISM survey, US Manufacturing activity contracted in June while services rebounded to expansion. US Treasury yields surged higher on the labor data, led by the short-end. In the UK, Gilts were very volatile due to rumors of replacement of Rachelle Reeves, the Chancellor of the exchequer . In Asia, China and Japanese equities gained. The dollar was modestly lower on the week. Gold posted moderate gains while Oil prices were higher on the week. Bitcoin tested up near record highs on Thursday before fading back a little to $108k.