Mixed signals: the US-Iran standoff is dragging on with no inspections of Iran's nuclear material, while the US economy looks strong but cracks are showing under the surface.

• A leaked UN nuclear agency report warns no one can inspect Iran's nuclear material anymore after the US bombed three sites last year, so the highly-enriched uranium is unaccounted for.
• Trump is in no rush to settle, keeping the Strait of Hormuz shut possibly through September while sounding softer on Iran's leader — broadly calmer, but the conflict keeps simmering with missiles still flying near Kuwait.
• Hiring came in strong and broad-based, and some analysts think profits and the stock market could run even higher this summer.
• But fresh data shows service-sector demand stalling and the weakest consumer spending since the pandemic, so the boom may not last.
• Tight money is a warning sign: a flopped IPO, falling Bitcoin, and huge upcoming stock sales from Google, OpenAI, and SpaceX could drain cash from the market just as short sellers pile in.

Outlook: Expect more stalemate with Iran and a choppy market, with strong jobs data masking a slowing consumer and a looming cash crunch.