The S&P 500 rose 1.4% last week, the Nasdaq 100 jumped 2.9%, and the Russell 2000 gained 1.7%, marking a ninth straight week of gains. The biggest driver was continued momentum in AI-related stocks — especially memory chips, data centers, and agentic AI software — while oil dropped 8.9% and the VIX (a “fear gauge” that measures expected market volatility) fell 8.3%. Today, all eyes are on Fed Chair Jerome Powell, who is scheduled to speak and could shift expectations around interest rate cuts. 📌

Here’s what’s really going on under the surface: even though the S&P 500 is near all- time highs, only about 21 stocks (roughly 4% of the index) are actually at new highs. Meanwhile, 222 stocks sit more than 20% below their peaks. That’s a market that looks strong on the outside but is surprisingly narrow underneath. The BofA Bull & Bear Indicator — a sentiment gauge — hit 8.5 out of 10, a zone that signals extreme optimism and historically means the market is more fragile if bad news arrives. This week is packed with data that could test that optimism. Fed Chair Powell speaks today and tomorrow, the May jobs report (NFP, or Non-Farm Payrolls — the monthly count of new jobs added) drops Friday, and we get manufacturing and services data throughout the week. For your portfolio, this means the comfortable ride of the past nine weeks could get bumpier if any of these readings surprise to the downside — or if Powell sounds hawkish (meaning: keeping rates high to fight inflation). TrendMind.AI 📖

AI systems that don’t just answer questions but independently perform multi-step tasks, coordinate with other AI agents, and make ongoing decisions with minimal human input. Why you care today: Agentic AI was one of last week’s top- performing investment themes (up nearly 11.9%), and it’s driving a massive surge in demand for memory chips and data center hardware. 💼