Episode Details

Wall St ended a positive week on a steady note, with the S&P 500 finishing up 0.37% to close at 7,473, capping off an eighth straight weekly gain - the longest weekly winning streak since 2023. The index sits just 0.3% below its all-time high. The Dow Jones added 294 points (+0.58%) to close at a record high. The Nasdaq was up 0.19%. The Russell 2000 added 0.91%.

Hawkish comments from Fed Governor Waller and a jump in longer-term inflation expectations saw the market dip in the afternoon with the Dow Jones up 545 at best. Waller said his current position is to hold rates steady in the near term and remove the easing bias from the policy statement - he was careful to say that doesn't mean the Fed should be thinking about rate increases any time soon.

Kevin Warsh was sworn in as the new Fed chair with President Trump saying Warsh will curtail the Fed's practice of forward guidance.

On the data front, the final May University of Michigan consumer sentiment reading came in at 44.8, down from 48.2 - a fresh record low. One-year inflation expectations were marked up to 4.8% and longer-run expectations moved up to 3.9%.

SPI down 58 - Peace hopes rise - Oil down over 5% this morning - AUD rises - CHC Guides higher.

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