The second quarter has concluded with a further pull-ahead in risk sentiments last Friday, with the S&P 500 closing at its highest level in 14 months.

A significant upward revision in the final read for US first-quarter GDP data adds to the list of positive economic surprises in the US lately, with economic resilience aiding to calm some nerves around recession concerns, at least for now.

Market participants seem to take comfort from a series of stronger-than-expected economic data out of the US, with economic resilience being the takeaway and calmed some nerves for an impending recession.

Wall Street added to recent losses overnight, as the moderation from previous overbought technical conditions and extreme bullish sentiments continues.

Last Friday brought another downbeat session in Wall Street, with the S&P 500 adding to recent losses to close 1.4% lower for the week.