U.S. equity markets resumed their upward climb last week bolstered by a surge in technology stocks. Meanwhile, another stronger than expected monthly jobs report continued to throw cold water on the prospect for rate cuts near-term.

U.S. equity markets took a breather from their recent rally last week amid hawkish commentary from Federal Reserve members and a mixed bag of economic data, but equities held on to strong gains for the month of May.

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U.S. stocks continued their upward trajectory from the previous week supported by a cooler than expected consumer inflation report and sustained corporate earnings momentum.

U.S. equity markets continued to rebound higher last week and recoup from April’s pullback that was sparked by sticky inflation readings that indicated greater risk of interest rates being held higher for longer.