Equities: U.S. equities posted modest gains ahead of the holiday weekend amid thin trade volume and muted volatility. The University of Michigan Sentiment Index outperformance marginally lifted markets, despite a neutral Fear and Greed Index at 53. Notably, small caps recovered from prior losses, suggesting a shift in investor sentiment. Sector rotation saw Communications, Consumer Discretionary, and Utilities lead, while Health Care and Real Estate lagged. Fed rate adjustment expectations have readjusted, with a July cut now deemed unlikely, and a September cut hanging in balance with just a coin toss likely. ... (full story)