The S&P 500 rose ▲0.02%, the Nasdaq gained ▲0.1%, and the Dow climbed ▲0.4%, with all three indexes pushing to new highs. The biggest driver was falling oil prices, which boosted optimism across the market even as diplomatic talks on opening the Strait of Hormuz stalled. Today, all eyes turn to the PCE inflation report, GDP data, and weekly jobless claims. 📌

Today’s data tells two stories pulling in different directions. The Core PCE index for April came in at 0.2% month-over-month, below the 0.3% forecast — a sign that price pressures may finally be easing. The annual rate held steady at 3.3%. That’s good news for anyone hoping the Fed will slow down on rate hikes. But here’s the catch: first-quarter GDP grew just 1.6%, well below the 2.0% forecast. Jobless claims ticked up to 215,000, above expectations. JPMorgan CEO Jamie Dimon warned that despite the current optimism, markets could shift quickly, comparing today’s environment to 1972 and 2007 — years that preceded major downturns. TrendMind.AI 📖

The Federal Reserve’s preferred way to measure inflation, tracking price changes on goods and services while stripping out volatile food and energy costs. Why you care today: April’s Core PCE came in cooler than expected at 0.2%, which could give the Fed a reason to pause rate hikes — and that’s generally good news for stock prices. 💼