1. There are reports that Iranian President Masoud Pezeshkian is open to ending the war with guarantees.

2. Brent crude dropped.

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1. Despite today’s rally on the back of positive war news, the S&P still 500 posted a loss for the quarter.

• The equal-weight index outperformed the cap-weighted index by the widest margin since 2001.

2. The forward P/Es of the IT sector and the overall market have nearly converged.

3. Implied correlation for S&P 500 constituents jumped.

4. According to Goldman, systematic positioning is now approaching washed-out levels.

5. For the first time, there are now more than 5,000 ETFs listed on US exchanges.

6. The energy and consumer sectors account for roughly half the net income share of TMT.

7. Zero percent of S&P 500 financial stocks are above their 50-day moving averages. While the short-term forward returns for the S&P 500 were mixed, the index posted gains on 13 of 14 occasions nine months later.

8. The S&P 500 energy sector had the best quarter relative to the broader market on record.

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1. US job openings fell, …

… driven by broad-based declines across industries.

• The jobs-workers gap, which measures the difference between labor supply and labor demand, remained negative.

• We have reached the “kink” in the Beveridge curve. A further decline in the job openings rate is likely to lead to a rising unemployment rate.

• The hiring rate fell sharply.

– Meanwhile, layoffs ticked up slightly while quits edged down, signaling that the balance of power may have shifted toward employers and that wage pressure is likely to ease.

2. The Conference Board’s Consumer Confidence index edged higher, driven entirely by a stronger assessment of the present situation, while the expectations component declined.

• The “jobs hard to get” less “jobs plentiful” spread fell fractionally, but remained near the highest level since early 2021.

• Inflation expectations rose to the highest level since mid-2025.

3. The S&P/Case-Shiller home price index cooled further.