US stocks ended the week with a broad rally in the wake of the May jobs report, but the S&P 500’s performance this year has been mostly dictated by the outsized strength of just a handful of giant tech firms. Oliver Allen and Adam Hoyes from our Financial Markets team talk to David Wilder about what’s really been happening under the hood of the US stock market, how this has played before and what it means for the outlook for equities.

Plus, from that jobs report to euro-zone inflation to the latest PMIs, Simon Macadam from our Global Economics team reviews the week’s data to discuss how they’ve affected the global growth-inflation-policy outlook – including why we still think recessions in advanced economies are on the cards.

Click here to explore the analysis referenced in this episode.