Inflation Concerns Mount, US-Iran Deal Shakes Markets, Tech & Crypto Diverge

1. US April Core PCE rose 3.3% YoY, the highest since November 2023, while Fed officials Williams and Musalem warned of persistent inflation risks and data dependency.
2. Reports of a potential US-Iran deal to extend the ceasefire, though not yet final, triggered a surge in gold, a drop in oil and the US dollar, and falling Treasury yields.
3. Tech stocks surged following Snowflake's strong revenue forecast and a $6 billion AWS deal, contrasting with a fall in crypto stocks as Bitcoin plunged to a 6-week low amid Sui network issues.