Markets closed May at record highs. The S&P 500 finished Friday at 7,580, the Dow cracked 51,000, and VIX settled at 15.3. It was a banner month, but the calendar flipped and Sunday night is already getting interesting. Oil jumped over 2% after Israel ordered troops deeper into Lebanon, putting the fragile U.S.-Iran ceasefire arrangement back on edge. Brent is trading around $93 and WTI near $90. Separately, reports hit the wire that the U.S. plans to close a loophole allowing advanced chips to reach Chinese firms, which could inject some volatility into semis at Monday's open. NVDA goes ex-dividend Wednesday June 4th. On the macro side, the week is stacked: ISM Manufacturing on Monday, JOLTS on Tuesday, ADP and ISM Services on Wednesday, and the big one, May nonfarm payrolls on Friday.