DBI Today: 47.2 (−0.3)
The week ended on a split screen. Wall Street wrote a triumphant final chapter — Snowflake's cloud earnings blew past expectations and its stock had its best single session on record, dragging the S&P 500 and Nasdaq to fresh all-time highs and extending the AI-fuelled rebound from the depths of April's panic. Diplomat signals out of Washington and Tehran pointed to an extended ceasefire in the Iran conflict, trimming the oil price further from its war-spike highs. And yet the DBI dipped modestly, because the broader data underneath the celebrations was more cautious. The PCE price index — the Federal Reserve's preferred inflation gauge — came in at 3.8% for April, its highest reading in nearly three years, and a revised GDP figure confirmed the US economy grew more slowly than initially estimated in the first quarter. Markets celebrated the news that peace might be coming. The data told a more patient story.
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