Macro overview — US: (1) GDP: +2.1% → moderate expansion, above stagnation but below +3% which signals strong growth. (2) Employment: 4.2% → near full employment, labour market tight but softening slightly. (3) Consumer spending: +1.8% → positive but slowing — consumers are more cautious. (4) Inflation & rates: CPI 3.1% above the 2% target, Fed rate 5.25% → restrictive monetary policy still in place. Economic phase: Late-cycle expansion — growth is slowing under rate pressure. Implication for tech (Apple, Alphabet): elevated rates compress growth stock valuations and consumer discretionary spending may soften. Proceed to sector analysis?