U.S equities largely shrugged off a stream of often conflicting headlines around the Middle East conflict, as well as a more hawkish-than-expected Federal Reserve meeting, to post solid gains across most major indices. The technology-heavy Nasdaq Composite continued to lead, rising 1.12%, while the S&P 500 advanced 0.91% and the Dow Jones Industrial Average added 0.55%. In fixed income, bonds declined amid heavy issuance, as markets moved to price a more persistent inflation shock linked to the continued closure of the Strait of Hormuz. Across the Atlantic, the pan-European STOXX Europe 600 ended the week broadly flat, edging up 0.10%. Performance was mixed across the region, with Germany’s DAX gaining 0.68% and Italy’s FTSE MIB rising 1.24%, while France’s CAC 40 declined 0.53% and the UK’s FTSE 100 was little changed. In Asia, momentum softened, with Japan’s Nikkei 225 slipping 0.34% and Hong Kong’s Hang Seng falling 0.78%. Looking ahead, earnings season continues at a more measured pace, while attention turns to U.S. nonfarm payrolls next Friday. All of this unfolds against a backdrop of persistent geopolitical tension, with Washington and Tehran no closer to a resolution. As the “Sell in May” narrative comes back into focus, will markets begin to show early signs of fatigue?