US equities closed the first week of June with a stunning reversal

US equities closed the first week of June with a stunning reversal, up 4.2% this week, eliminating most of the losses of "Red May", down into correction territory in the Nasdaq and more than 6.5% lower on the Dow.
Three factors combined this week to propel the markets higher, first the prompt reaction of the Mexican government to the Trump tariffs threat, then the opportunity that came after the 10% pullback in the Nasdaq leaders and third, the believe that the Fed will go ahead and lower the interest rates as soon as July.
The weak job report yesterday lifted the hopes on Wall Street for a forward dovish Fed, sending the DOW up 2700 points. The ECB did its part Thursday to calming the EU markets by postponing its first interest rate hike since 2008, that's despite higher EU inflationary pressures.
Still, the unsolved US China trade disputes and the ongoing Brexit saga are a drag on global markets and a leading factor towards fears of a global slowdown as analysts fear that US companies with high global exposure will underperform companies with lesser global exposure. Oil prices signaled that more than any other commodity, trading at January 2019 prices after a 20% plus pullback from 2019 highs, that’s despite Iran and Venezuela sanctions and OPEC supply disruptions.
The US dollar saw its worst week in 5 months, down 1.5% and trading at above the 1.13 level versus the Euro. Gold and metals were the immediate beneficiaries of the dollar weakness, Gold traded at above the $1,350 per ounce Friday, at 2019 highs and up 3.25% YTD. On the US earnings front - US equity markets investors continue to embrace "Beyond Meat", BYND, up a whopping 40% Friday to $138.65 after a stellar earnings report and rosy forward guidance.