PCE inflation hit a three-year high at 3.8% and Q1 GDP undershot at 1.6%, yet the S&P 500 and Nasdaq closed at fresh records on a reported 60-day US-Iran ceasefire memorandum.

Rio Times Global Economy Briefing The Big Three Chips drove records. Micron jumped about 19% and topped a $1 trillion valuation on a UBS upgrade, lift

The Dow hit a fresh record as oil cratered another 5.5% on an unconfirmed Iran report that Hormuz traffic would normalize within a month, while a weak 5-year auction kept the bond…