The S&P 500 edged up +0.02%, the Nasdaq rose +0.1%, and the Dow gained +0.4%, with all three indexes hitting new highs. The rally was fueled by falling oil prices and optimism around a potential Strait of Hormuz deal, even though the U.S. rejected the proposed agreement. Today, all eyes are on the PCE inflation report — the Fed’s favorite price gauge — plus GDP and weekly jobless claims data. 📌

There’s a tug-of-war happening right now. On the bullish side, falling oil prices are acting like a tax cut for consumers and companies, Goldman Sachs just raised its S&P 500 year-end target to 8,000 points (implying a 17% annual return driven by AI trades), and earnings from companies like Snowflake and Marvell blew past expectations. On the cautious side, first-quarter GDP came in at just 1.6%, well below the 2.0% forecast. Jobless claims ticked up to 215,000, above expectations. And JPMorgan CEO Jamie Dimon warned that today’s optimism reminds him of 1972 and 2007 — years that preceded major downturns. The core PCE inflation reading for April held at 3.3% year-over-year. For your portfolio, growth stocks could keep running on AI momentum, but any surprise in today’s data could shift the mood quickly. TrendMind.AI 📖

The Fed’s preferred way to measure inflation, tracking price changes on things people actually buy while stripping out volatile food and energy costs. Why you care today: April’s core PCE held at 3.3% year-over-year, signaling inflation isn’t cooling fast enough for the Fed to cut rates soon — which directly affects mortgage rates, car loans, and borrowing costs. 💼