Key market drivers last week included a good slate of corporate earnings, encouraging global PMI data, and more details about the Biden plans for increasing taxes and spending. Equity markets finished with minor gains primarily concentrated in REITs, healthcare, and cyclicals and yet another new record high for the S&P 500. Interest rates didn’t move meaningfully either way last week, but the USD softened again following a strong first quarter. Commodities were boosted by nice gains in the grains, precious metals, and select industrial metals but oil declined slightly on the week.