Headlines discussed at LNWM’s Monday morning briefing:
— The Federal Reserve did not raise interest rates in April but is expected to in June
— Despite robust earnings, US equity returns still mostly flat, as earnings growth priced in.
— The stocks of five US tech giants now comprise more than 25% of Nasdaq Index.
— US unemployment rate fell to lowest level in 18 years (3.9%), as job growth picked up.
— China and the US remain far apart on trade issues; lack of progress is advantage for China.

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