Weekly Update

Markets remained relatively range-bound last week, with a continuation of the battle between strong big tech and weak cyclical risk-on sectors. On economic data, the number of Americans filing for unemployment benefits rose by 22 thousand to 264 thousand on the week ending May 6th, the most since October 2021, and well above market expectations of 245 thousand. This is at odds with the strong jobs data that we saw last week and presumably suggests a turning point in the employment situation.