Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers. Williams owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity, and delivers natural gas that is used every day for clean-power generation, heating, and industrial use. The company is based in Tulsa, Oklahoma, has 5,987 employees, and is a component of the S&P 500 index.

Stocks did their thing on Thursday -- and with one more day in May, equities seemingly have put together yet another impressive month. The S&P 500 is up 5% for the month, the Nasdaq has ripped higher by 8% after April's 15% surge, and the Nasdaq 100 has popped 10% following last month's 15.7% jump. As the legendary investor Marty Zweig said, 'The trend is your friend until it bends at the end.'

The 10-year Treasury rose to 4.69% on Tuesday, the highest level since January 2025, and then dropped slightly to 4.59% at the close. There was a minor break above the trendline off the highs since October 2023, but it was not convincing. Lateral levels are much more important, and the next region is the early 2025 high at 4.8% and then the 2023 peak at 5%. Intermediate-term momentum using the price percentage oscillator (PPO) has traced out higher lows and crossed into positive territory, but the transition has been very slow and not definitive. On the downside, a break of 4.3% would likely end the yield uptrend that started at the beginning of March. With the 2-year Treasury yield over the federal funds target by 35-60 basis points (bps), the Treasury market is leaning toward a 25-bps hike, or two. Still, the CME FedWatch Tool does not see a high probability of a 25-bps increase in the fed funds rate until the last meeting of the year on December 9. The next FOMC meeting takes place over June 16 and 17, with the new chairman, Kevin Warsh, delivering his first press conference. Does he stir the pot and give the financial markets something to worry about, or does he stay the course and deliver no surprise? If anything, it should be interesting to hear a different take on the economy, inflation, elevated oil prices, enormous government debt levels, and monetary policy. Mr. Warsh believes in less intervention in monetary policy, favoring a smaller FOMC footprint and stricter limits on quantitative easing. (Mark Arbeter, CMT)

Earnings season remains hot, with plenty of beats and a few misses. Some of the largest market-cap and high relative-strength names are reporting this week, including PLTR, ON, VRTX, BWXT, FANG, FN, AMD, SHOP, ANET, ALAB, UBER, ARM, APP, DIS, MCD, COHR, RKLB, and CRWV.