Major U.S. stock indexes finished the week mixed, as renewed weakness in large-cap tech and AI-related shares weighed heavily on the Nasdaq and S&P 500 Index, while the small-cap Russell 2000 Index and Dow advanced 1.01% and 0.60%, respectively. As measured by Russell indexes, large-cap value stocks outpaced their growth counterparts by 368 basis points, while the equal-weighted S&P 500 Index also solidly outperformed its market cap-weighted peer. On the US macro side, PCE inflation accelerated but spending and income rose. June business activity improved as GDP growth was revised higher.

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Most major U.S. stock indexes closed the holiday-shortened week higher, with sentiment broadly supported by news that the U.S. and Iran had signed a memorandum of understanding, clearing the path toward reopening the Strait of Hormuz and helping push oil prices lower (worst week in 2 months). Of the major US equities indexes, the Nasdaq Composite performed best, advancing 2.4%, followed by the Russell 2000 and S&P 500, which added 1.2% and 0.9%, respectively. U.S. markets were closed on Friday in observance of the Juneteenth holiday. The Federal Reserve left the federal funds rate target range unchanged at 3.50% to 3.75% on Wednesday, as widely expected. However, the central bank’s updated Summary of Economic Projections and Chair Kevin Warsh’s first post-meeting press conference were largely interpreted as leaning hawkish, triggering a sell-off in stocks and a rise in short-term Treasury yields on Wednesday afternoon.

After more than three months of war and a global energy shock, the United States and Iran have reached a peace deal.

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Major U.S. stock indexes ended the volatile week higher as cautious optimism around a possible U.S.-Iran agreement, declining oil prices, and continued broadening beyond large-cap tech stocks helped offset mixed inflation data and volatility in AI-related shares. Small-cap stocks led the advance, with the Russell 2000 Index rising 3.9%, while the Dow, S&P 500, and Nasdaq Composite all added over 0.6%. The Russell 1000 Value Index outpaced its growth counterpart for the second week in a row. Risk appetite improved late in the week, following reports of progress toward a U.S.-Iran agreement and President Trump’s cancellation of planned strikes.

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Major U.S. stock indexes finished the week lower. Declines were led by the technology-heavy Nasdaq Composite, which fell 4.68%, followed by the Russell 2000 and S&P 500 Indexes, the latter of which posted a weekly loss for the first time since March. The Dow Jones Industrial Average held up best, declining 0.32%. Early gains tied to artificial intelligence (AI) optimism faded later in the week as investors weighed oil price volatility tied to Middle East headlines, elevated earnings expectations for AI-linked companies, a growing pipeline of AI-related equity issuance, and a stronger-than-expected May payrolls report that helped push Treasury yields higher on Friday.

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Major U.S. stock indexes rose during the holiday-shortened week, with several benchmarks closing at record highs, as investor sentiment was supported by rising hopes for a U.S.-Iran peace agreement, falling oil prices, and continued momentum in artificial intelligence-linked stocks. The Nasdaq Composite led among the major benchmarks, buoyed in part by AI optimism, while the Russell 2000 and the S&P 500 Indexes also posted solid gains. The Dow Jones Industrial Average lagged but still rose 0.9%. Early reports that the U.S. and Iran were moving toward a 60-day ceasefire extension and a reopening of traffic through the Strait of Hormuz helped push oil prices lower and supported risk appetite through much of the week.