Wall St closed mixed Friday as traders digested the week’s economic news. Gains limited by concerns of the market being overstretched and getting ahead of itself on the rate cut front. Focus on next week’s Fed meeting and Powell’s commentary. S&P 500 flat, closing on the low. Nasdaq up 0.44%. Dow down 274 points. Nasdaq outperformed this week. Up 2% vs the S&P 500 up 1.6%. Discretionary Stocks, Utilities and Tech up overnight, everything else down. Nasdaq boosted by Microsoft. Up 1.8% on its OpenAI deal and avoiding an EU anti-trust fine. Apple also bouncing back 1.8%. Tesla up another 7.4% on management shrugging off declining sales and Musk’s political distractions. Bond yields rose after dropping for the last two sessions on labour and producer price data. US2Y up 1.8bp. 10Y up 4.2bp.

On the economic front, consumer sentiment fell for a second consecutive month. Survey cited risks to business conditions, labour market and inflation. Short-term consumer inflation expectations remained unchanged. Long-term they rose. USD slightly up overnight. Slightly down for the week as Forex traders increased the number of rate cuts expected this year. Damage to our Strategy ETFs being done by the USD/AUD exchange rate. AUD up 1.4% this week alone vs the USD. Economists only expecting a 25bp cut from the Fed next week despite the labour market cooling faster than anticipated and signs of tariff induced inflation being (to date) lower than expected.

SPI down 59 - ANZ Fined $240m - GOR Production downgrade.

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