Amy Morris

The S&P 500 gained 28 points.

NASDAQ gained 51 points.

And the Dow gained 294 points.

WTI crude now below $97 a barrel and Brent crude just topping $103 a barrel.

And bond markets closed at two this afternoon for the Memorial Day weekend.

Sources tell Bloomberg Anthropic is set to close its latest round of funding, which may top the $30 billion mark at a valuation above $900 billion as soon as next week.

In national news, Director of National Intelligence Tulsi Gabbard is resigning to help her husband confront a bone cancer diagnosis.

President Trump says Aaron Lucas, Principal Deputy Director of National Intelligence, will serve as acting.

Gabbard's resignation is effective June 30th.

Kevin Warsh is the 17th chair of the Federal Reserve, sworn in today by Justice Clarence Thomas.

Warsh takes over at a tense moment for the economy and the central bank.

President Trump.

The leadership transition at the Fed is unusual.

Outgoing Chair Jay Powell has decided to remain on the Board of Governors, citing ongoing legal threats against him and the central bank.

Fed Governor Christopher Waller supports making it clear the central bank's next interest rate move is just as likely to be an increase as a cut.

Waller says he would not rule out a future hike if inflation doesn't start to slow soon and that he would support removing the easing bias language in the policy statement.

Fed Governor Waller spoke at a conference in Frankfurt, Germany.

Goldman Sachs Vice Chairman and former Dallas Fed President Rob Kaplan tells Bloomberg the next Fed move was expected to be a cut, but that was weeks ago.

Hear more of our interview with Rob Kaplan on the Bloomberg Talks podcast.

Bond traders are fully pricing in an interest rate hike this year.