Stocks overcome hawkish Fed to finish higher

The stock market navigated a volatile holiday-shortened week, overcoming a hawkish surprise from the Federal Reserve and several sharp reversals across technology stocks to finish higher. The S&P 500 (+0.9%), Nasdaq Composite (+2.4%), and DJIA (+0.7%) all advanced, as easing geopolitical tensions and a sharp decline in oil prices helped offset concerns about a higher-for-longer interest rate environment.

The week's most significant development came on Wednesday, when the June FOMC meeting delivered a more hawkish tone than many investors expected. While the Committee left the federal funds target range unchanged, updated economic projections showed inflation remaining persistently above target and pushed out expectations for future policy easing. The median path now implies no rate cuts in 2026, and Fed Chair Kevin Warsh's first meeting at the helm was widely interpreted as reinforcing a higher-for-longer policy stance. Stocks sold off sharply following the announcement, but the weakness proved short-lived as investors stepped back into many of the market's favored areas.

Semiconductor stocks remained the market's primary leadership group, though the path higher was far from smooth. Investors repeatedly bought those pullbacks, with Thursday's rebound driven by strength in Intel, Micron, and other memory names. The group's resilience helped propel the information technology sector (+3.1%) to the top of the leaderboard and pushed the Nasdaq Composite to a decisive weekly outperformance.

Investors also continued to focus on SpaceX, which remained one of the market's most actively traded names following last week's IPO. Shares experienced their first meaningful bout of profit-taking following the FOMC meeting but still finished the week up 14.9%, highlighting continued enthusiasm for high-growth and AI-related themes.

Meanwhile, geopolitical developments provided an increasingly supportive backdrop. Confidence grew throughout the week that a framework agreement between the U.S. and Iran would ultimately hold, culminating in the signing of a 60-day memorandum of understanding. Crude oil prices tumbled roughly 11% during the week, easing inflation concerns and supporting economically sensitive groups ranging from airlines and homebuilders to industrial and consumer discretionary names. The energy sector (-6.6%) finished as the week's weakest performer as a result.

Beneath the surface, participation improved as investors looked beyond mega-cap technology stocks. The industrials sector (+2.6%) and the Russell 2000 (+1.2%) outperformed, while homebuilders rallied alongside falling rates and energy prices. Defensive groups moved in the opposite direction, with health care (-3.0%), consumer staples (-2.9%), and real estate (-3.5%) sectors finishing near the bottom of the sector leaderboard.

In the end, the market absorbed a hawkish Fed meeting surprisingly well. Falling oil prices, improving breadth, and persistent semiconductor leadership were enough to overcome concerns about delayed rate cuts, allowing the major averages to finish another week in positive territory.

• Nasdaq Composite: +2.4% week-to-date

• Russell 2000: +1.2% week-to-date

• S&P 500: +0.9% week-to-date

• DJIA: +0.7% week-to-date

• S&P Mid Cap 400: -0.1% week-to-date

Oil Retreat Fuels Broadening Rally

The stock market navigated another eventful week, with inflation data, semiconductor volatility, geopolitical developments, and the highly anticipated SpaceX IPO all competing for investors' attention. By week's end, however, easing oil prices and improving market breadth helped the major averages secure modest gains, with the S&P 500 (+0.7%), Nasdaq Composite (+0.7%), and DJIA (+0.7%) all finishing higher.

One of the week's most notable developments was the market's reaction to inflation data. While both CPI and PPI contained some mildly encouraging elements, neither report materially altered expectations that the Federal Reserve will remain patient on rate cuts. Overall, inflation still remains elevated, reinforcing the view that progress toward the Fed's 2% target remains slow and uneven. Treasury yields ultimately finished the week lower, though investors were left with little reason to expect a significant shift in monetary policy anytime soon.

Technology stocks remained at the center of the action, though leadership within the sector was anything but smooth. Semiconductor stocks experienced multiple sharp reversals throughout the week, highlighted by abrupt selloffs on Tuesday and Wednesday that were followed by equally powerful rebounds later in the week. The sector's resilience contrasted with continued weakness in software stocks.

The week's most anticipated corporate event arrived Friday with SpaceX's public debut. The offering priced at $135 per share before opening at $150 and finishing its first session roughly 19% above the IPO price. While some market participants suggested the offering contributed to volatility across mega-cap technology stocks as investors repositioned portfolios and raised cash ahead of the debut, the successful launch ultimately served as another reminder of the strong appetite for growth-oriented and technology-related investments.

Geopolitical developments also played a major role throughout the week. Markets spent much of the first half of the week reacting to developments surrounding U.S.-Iran negotiations and periodic military escalations, which repeatedly influenced oil prices and investor sentiment. Ultimately, optimism surrounding a potential agreement between the two countries helped crude oil prices tumble roughly 7% for the week. That decline became a powerful tailwind for equities, supporting airlines, homebuilders, cruise operators, financials, materials, and other economically sensitive areas of the market. While the energy sector finished slightly lower for the week, falling oil prices helped ease inflation concerns and provided a supportive backdrop for risk assets more broadly.

Perhaps the most encouraging development for bulls was the continued broadening beneath the surface. While mega-cap growth stocks and technology names experienced bouts of volatility, leadership increasingly expanded into other areas of the market. The Russell 2000 (+3.9%) and S&P Mid Cap 400 (+2.8%) comfortably outpaced the major averages, while financials, materials, consumer staples, and real estate all posted solid gains. The improvement in participation suggests investors are becoming more willing to look beyond a handful of mega-cap technology stocks, even as AI-related themes continue to command significant attention.

In the end, the week served as a reminder that markets remain highly sensitive to both inflation and geopolitical developments. Yet despite choppy trading across many of the market's largest stocks, investors consistently bought dips in semiconductors, embraced the SpaceX debut, and rotated into a broader range of sectors. Combined with falling oil prices and declining volatility, that resilience was enough to keep the major averages in positive territory and leave the broader market on relatively solid footing heading into next week.

• Russell 2000: +3.9% week-to-date

• S&P Mid Cap 400: +2.8% week-to-date

• Nasdaq Composite: +0.7% week-to-date

• DJIA: +0.7% week-to-date

• S&P 500: +0.7% week-to-date

Tech-Led Rally Unravels as Yields Surge and Semiconductors Reverse

The stock market endured its toughest week in months, with a sharp Friday sell-off erasing early gains and leaving all the major averages in negative territory. The S&P 500 fell 2.6%, snapping a nine-week winning streak, while the Nasdaq Composite dropped 4.7% as technology stocks surrendered a significant portion of their recent advance. The DJIA proved relatively resilient, slipping just 0.3%, but still finished lower for the week.

At the heart of the decline was a dramatic reversal across many of the market's highest-flying technology and AI-related names. Earlier in the week, investors remained enthusiastic about the AI infrastructure theme, fueling strong gains in semiconductor, networking, optical, and software-related stocks. However, that leadership became increasingly fragile as the week progressed. A disappointing market reaction to Broadcom's earnings report on Thursday added to the pressure, sparking a sharp sell-off across semiconductor stocks and raising questions about whether expectations throughout the AI supply chain had become too elevated. By Friday, a stronger-than-expected May employment report reignited concerns that the Federal Reserve may need to keep monetary policy restrictive for longer, driving Treasury yields higher and triggering widespread selling across growth-oriented areas of the market.

The information technology sector fell 5.4% for the week, making it the worst-performing S&P 500 sector outside of the consumer discretionary sector (-6.2%). Semiconductor stocks experienced particularly volatile trading.

The weakness extended beyond semiconductors and software. Mega-cap growth stocks that had powered much of the market's advance in recent months also came under pressure. Several of the market's largest technology and internet companies experienced bouts of profit-taking as investors reassessed valuations amid rising interest-rate expectations and growing volatility.

While technology struggled, investors increasingly sought shelter in more defensive corners of the market. Health care (+2.3%), real estate (+1.5%), utilities (+1.3%), and consumer staples (+1.0%) all finished the week higher. These groups benefited from rotational buying as investors reduced exposure to higher-beta growth stocks and gravitated toward sectors perceived as more stable amid rising market uncertainty.

Energy was another notable outperformer, gaining 2.5% despite significant volatility in oil markets throughout the week. Crude prices were driven by a rapidly evolving geopolitical backdrop involving Iran, Israel, and Lebanon, producing several large daily swings. Although oil prices eventually finished well below midweek highs, energy stocks still managed to outperform most areas of the market.

Market participation also deteriorated considerably as the week unfolded. The Russell 2000 fell 2.9%, while the S&P Mid Cap 400 lost 0.9%. Although both indexes showed periods of relative strength during the middle of the week, rising Treasury yields and worsening risk appetite weighed on smaller-cap stocks, particularly following Friday's employment report.

Beneath the surface, the week illustrated a meaningful shift in investor sentiment. Early optimism surrounding artificial intelligence, easing geopolitical concerns, and resilient economic data initially supported additional record highs for the major averages. However, stronger economic reports and a hotter labor market ultimately shifted attention back toward inflation risks and the possibility of higher interest rates for longer. That change in focus proved especially damaging for the market's most richly valued growth stocks.

The increase in volatility reflected that shift. Ultimately, the week's decline was less about broad economic deterioration and more about a significant repricing of growth expectations. As Treasury yields moved higher and rate-cut hopes continued to fade, investors aggressively reduced exposure to the same technology and AI-related areas that had previously driven the market to record highs. The result was a sharp pullback across major growth sectors, a resurgence in defensive leadership, and the market's first meaningful setback in several months.

• DJIA: -0.3% week-to-date

• S&P Mid Cap 400: -0.9% week-to-date

• S&P 500: -2.6% week-to-date

• Russell 2000: -2.9% week-to-date

• Nasdaq Composite: -4.7% week-to-date

Macro headwinds pressure broader market beneath the surface of record highs

The stock market turned in a far more mixed performance this week, with the major averages masking notable weakness beneath the surface. The S&P 500 (+0.1%) and Nasdaq Composite (+0.1%) finished little changed after repeatedly trading at fresh record highs earlier in the week, while the DJIA (-0.2%) ended modestly lower. Broader market participation deteriorated considerably as the week progressed, with the Russell 2000 (-2.4%) and S&P Mid Cap 400 (-2.4%) posting steep losses amid renewed pressure on economically sensitive and rate-sensitive areas of the market.

The macro backdrop remained a key headwind throughout the week. Hotter-than-expected CPI and PPI reports reinforced concerns that inflation remains stubbornly elevated, while renewed geopolitical tensions surrounding Iran pushed crude oil prices sharply higher by week's end. Treasury yields climbed steadily throughout the week as investors continued to scale back expectations for Fed rate cuts and increasingly entertain the possibility that rates could remain restrictive well into next year.

Technology stocks once again provided much of the market's support. The information technology sector rose 1.2% as investors consistently bought pullbacks across AI-linked chipmakers throughout the week. NVIDIA remained a central leadership name, while semiconductor stocks repeatedly rebounded from bouts of profit-taking despite the increasingly difficult rate backdrop.

However, leadership narrowed considerably beneath the surface. Software stocks displayed relative resilience.

Meanwhile, several economically sensitive groups struggled under the pressure of rising yields and higher oil prices. The consumer discretionary sector fell 3.1%, real estate dropped 2.6%, materials lost 2.3%, and utilities declined 2.1%. Homebuilders were particularly weak as higher Treasury yields pressured housing affordability.

Elsewhere, the energy sector (+6.8%) was the clear outperformer as crude oil prices surged amid renewed fears surrounding the U.S.-Iran conflict and potential disruptions tied to the Strait of Hormuz.

Overall, the week highlighted the increasingly fragile balance supporting the broader market. AI-driven enthusiasm and continued strength across mega-cap technology stocks helped keep the major averages near record territory, but narrowing breadth, rising Treasury yields, persistent inflation pressures, and surging oil prices created growing headwinds beneath the surface. The market has repeatedly shown a willingness to buy pullbacks across technology and semiconductor names, though this week's action suggested investors are becoming less willing to extend that same enthusiasm across the broader market.

• S&P 500: +0.1%

• Nasdaq Composite: -0.1%

• DJIA: -0.2%

• Russell 2000: -2.4%

• S&P Mid Cap 400: -2.4%

Tech gains fuel another record week

The stock market turned in another strong showing this week, with the S&P 500 (+2.3%) and Nasdaq Composite (+4.5%) climbing deeper into record territory as semiconductor and mega-cap technology stocks resumed their leadership role. Broader participation was also constructive, with the Russell 2000 (+1.7%) and S&P Mid Cap 400 (+1.7%) both advancing alongside large-cap benchmarks. The Nasdaq Composite outperformed meaningfully thanks to a powerful rally across chipmakers and AI-related names, while the DJIA (+0.2%) lagged amid weakness in defensive sectors and limited industrial participation.

Geopolitical tensions and fluctuations in oil prices remained a key backdrop throughout the week. Stocks opened lower on renewed hostilities between the US and Iran, briefly sending crude oil above $106/bbl, before easing tensions and improving negotiation optimism helped oil retreat sharply into week’s end. That reversal removed a key macro headwind and supported risk appetite, particularly in growth-oriented areas of the market.

Technology stocks were the clear leadership group throughout the week. The information technology sector surged 7.0%, amid another wave of AI-driven enthusiasm and strong earnings growth. NVIDIA climbed 8.4%, while names such as Advanced Micro Devices, Intel, Micron, and Sandisk posted outsized gains across the chip space.

Software stocks also delivered solid relative strength.

That same mega-cap strength carried into other growth-sensitive areas of the market. The communication services (+1.9%) and consumer discretionary (+1.8%) sectors both posted solid gains, reflecting continued leadership from large-cap platforms and consumer-facing tech-driven companies, reinforcing the theme that index gains were concentrated in the largest, most influential stocks.

Meanwhile, falling oil prices pressured the energy sector (-5.4%), which finished as the week’s weakest-performing S&P 500 sector. Utilities (-4.0%) and financials (-1.4%) also lagged as investors rotated toward higher-beta growth and technology exposure.

Overall, the week reinforced the market’s ongoing AI-driven leadership theme. Strong earnings growth, easing geopolitical fears, and renewed momentum across semiconductors and mega-cap technology stocks helped propel the S&P 500 and Nasdaq Composite further into record territory.

• Nasdaq Composite: +4.5% week-to-date

• S&P 500: +2.3% week-to-date

• Russell 2000: +1.7% week-to-date

• S&P Mid Cap 400: +1.7% week-to-date

• DJIA: +0.2% week-to-date

S&P 500 Tops 7,200 as Record Run Extends

The stock market delivered a modestly higher finish this week, with the S&P 500 and Nasdaq Composite eclipsing record highs multiple times throughout the week—including the S&P 500 breaking above the 7,200 level for the first time—as solid earnings growth and selective mega-cap strength helped offset a more cautious macro backdrop surrounding the latest FOMC meeting.

Despite the relatively muted index-level gains, this week featured meaningful crosscurrents beneath the surface. Strong earnings results—particularly from several mega-cap names—remained a key pillar of support, though reactions were mixed as elevated expectations and increased scrutiny around capital expenditures created more dispersion in price action. Alphabet (+12.0%) stood out as a major winner following a strong earnings report, while Meta Platforms (-9.8%) moved sharply lower despite topping estimates, reflecting investor sensitivity to forward guidance and spending trends.

The Federal Reserve meeting also loomed large over the week. While the Fed ultimately held rates steady as expected, the tone of the meeting reinforced a data-dependent outlook, with policymakers acknowledging persistent inflation pressures—particularly those tied to energy—while stopping short of signaling an imminent policy shift. This contributed to a somewhat restrained risk appetite, especially compared to the stronger momentum seen in prior weeks.

Sector performance reflected this mixed backdrop. Communication services (+4.5%) led by a wide margin, driven largely by earnings-fueled gains in mega-cap constituents, while energy (+3.2%) also outperformed amid firm oil prices earlier in the week. Defensive sectors such as consumer staples (+1.1%), utilities (+0.7%), and health care (+0.7%) posted solid gains, signaling some rotation toward more balanced positioning.

On the other hand, materials (-2.0%) lagged notably, while the information technology sector (+0.1%) finished little changed despite continued strength in select semiconductor and software names.

Market breadth was somewhat better than the headline moves might suggest. Small-cap stocks participated in the advance, with the Russell 2000 (+0.9%) matching the S&P 500’s gain, while the S&P Mid Cap 400 finished flat.

Overall, the market maintained its footing near record highs, supported by resilient earnings growth and pockets of strong leadership. However, this week’s more measured advance highlights a market that is becoming increasingly selective, as investors weigh strong corporate performance against macro uncertainty and a still-evolving policy outlook.

• Nasdaq Composite: +1.1% week-to-date

• Russell 2000: +0.9% week-to-date

• S&P 500: +0.9% week-to-date

• DJIA: +0.6% week-to-date

• S&P Mid Cap 400: unchanged week-to-date

S&P 500, Nasdaq Composite rally back into record territory

The stock market delivered another strong advance this week, with equities moving back into record territory as falling oil prices, improving geopolitical conditions, and powerful leadership from mega-cap and technology stocks drove index-level gains.

The macro backdrop steadily improved throughout the week. While early uncertainty lingered after the U.S. and Iran failed to secure a more durable agreement over the weekend, sentiment shifted as renewed talks were signaled and the existing ceasefire held. By Friday, news that the Strait of Hormuz would reopen during the ceasefire period, along with reports of upcoming negotiations in Pakistan, marked a meaningful de-escalation.

Crude oil responded decisively, extending its weekly decline to roughly $12 per barrel and settling below $85. That sharp drop helped ease inflation concerns and improve the outlook for potential rate cuts, reinforcing a supportive environment for equities.

Against that backdrop, the S&P 500 (+4.5%), Nasdaq Composite (+6.8%), and DJIA (+3.2%) all posted strong week-to-date gains, with the Nasdaq’s significant outperformance underscoring the market’s rotation back into growth and AI-driven leadership.

Participation broadened notably beneath the surface. The Russell 2000 (+5.6%) and S&P Mid Cap 400 (+3.5%) both advanced solidly, with small caps outperforming the broader market as risk appetite strengthened alongside improving macro conditions.

Sector performance reflected a clear risk-on tone. Growth-oriented areas led decisively, with information technology (+8.1%), communication services (+6.3%), and consumer discretionary (+6.6%) posting outsized gains.

Semiconductor stocks also contributed meaningfully, reinforcing the strength of the broader AI trade. 

Outside of growth, cyclical participation improved as falling oil prices provided a tailwind. Financials (+3.3%) and real estate (+3.8%) advanced, while industrials (+1.2%) posted more modest gains. In contrast, defensive sectors lagged, with utilities (-1.7%) and consumer staples (flat) reflecting reduced demand for safety. The energy sector (-3.4%) was the clear underperformer, pressured by the sharp decline in crude prices.

All told, this week reinforced the market’s strong upward momentum. A combination of easing geopolitical tensions, sharply lower oil prices, and renewed leadership from both mega-cap technology and previously lagging areas has strengthened the foundation of the rally. With participation broadening and key growth segments reasserting dominance, the market appears increasingly well-supported as it pushes deeper into record territory.

• Nasdaq Composite: +6.8% week-to-date

• Russell 2000: +5.6% week-to-date

• S&P 500: +4.5% week-to-date

• S&P Mid Cap 400: +3.5% week-to-date

• DJIA: +3.2% week-to-date

Ceasefire rally drives broad gains amid oil retreat and AI leadership

Stocks posted solid gains this week as a two-week ceasefire agreement between the U.S. and Iran helped ease geopolitical risk and drive a sharp decline in oil prices, supporting a broad-based rebound in equities. 

The S&P 500 (+3.6%), Nasdaq Composite (+4.7%), and DJIA (+3.0%) all advanced, while the Russell 2000 (+4.0%) and S&P Mid Cap 400 (+3.4%) also finished higher, reflecting broad participation across the market.

Sector leadership was concentrated in growth and AI-linked areas, with communication services (+5.8%) and consumer discretionary (+5.8%) leading, alongside information technology (+4.8%).

Within tech, semiconductor strength was a key driver, while software lagged. Mega-cap growth also contributed, due to solid gains from Amazon (+13.7%) and Meta Platforms (+9.6%).

Industrials (+4.7%) and materials (+3.5%) posted strong gains as well, while financials (+2.4%), real estate (+2.9%), utilities (+1.3%), consumer staples (+0.5%), and healthcare (+0.4%) all finished higher but more modestly. Energy (-4.1%) was the clear laggard as crude oil fell nearly $15 per barrel amid easing geopolitical risk.

Friday’s March CPI report provided the key macro check late in the week, with headline inflation running hotter due to energy costs while core inflation was more contained. Overall, the week was defined by easing geopolitical tensions, a sharp reversal in oil prices, and continued leadership from AI and semiconductor-related equities, with focus now turning to upcoming U.S.–Iran talks for clarity on whether the ceasefire can evolve into a more durable agreement.

• Nasdaq Composite: +4.7% week-to-date

• Russell 2000: +4.0% week-to-date

• S&P 500: +3.6% week-to-date

• S&P Mid Cap 400: +3.4% week-to-date

• DJIA: +3.0% week-to-date

Markets climb on geopolitical optimism and relief rally

Stocks posted solid gains this week as hopes of a de-escalation in the U.S.-Iran conflict supported sentiment, helping the major averages recover some of March’s losses.

The S&P 500 (+3.4%), Nasdaq Composite (+4.4%), and DJIA (+3.0%) all advanced, while smaller-cap benchmarks like the Russell 2000 (+3.3%) and S&P Mid Cap 400 (+2.9%) also finished higher.

Sector performance was led by growth-oriented and communication-related areas, with the communication services sector (+6.4%) and information technology sector (+4.6%) outperforming. Financials (+3.6%), real estate (+3.8%), and materials (+3.4%) also posted solid gains, while the energy sector (-5.3%) lagged amid volatile oil prices.

Tech leadership was supported by a rebound in semiconductor stocks. Mega-cap growth also advanced. Some of the week’s gains were likely due to positioning after oversold conditions earlier in the week, as geopolitical developments remained volatile.

Geopolitical developments drove market swings. Early optimism following President Trump’s comments on Iran’s potential concessions lifted markets, while midweek reports of ceasefire discussions fueled a broad rally. Thursday saw renewed volatility as threats of continued military action coincided with sharply higher oil prices, but the major averages ultimately finished the session near flat.

Fed Chair Jerome Powell noted that inflation expectations remain well anchored beyond the short term and emphasized that the Fed’s tools have limited impact on supply shocks, which contributed to a pullback in market-implied rate expectations.

Overall, the market finished the week higher, with gains reflecting a mix of optimism over potential geopolitical progress, relief rallies after oversold conditions, and a rebound in mega-cap and tech names, even as oil prices and uncertainty around Iran keep the market on a cautious footing.

• Nasdaq Composite: +4.4% week-to-date
• S&P 500: +3.4% week-to-date
• Russell 2000: +3.3% week-to-date
• DJIA: +3.0% week-to-date
• S&P Mid Cap 400: +2.9% week-to-date

Oil volatility drives rotation as mega-caps weigh on the market

The stock market moved lower again this week, with the S&P 500 (-2.1%) and Nasdaq Composite (-3.2%) pacing the decline, while the Dow Jones Industrial Average (-0.9%) held up relatively better.

Beneath the surface, however, the action told a more nuanced story—one defined by sharp rotations, mega cap weakness, and continued sensitivity to oil-driven geopolitical developments.

The week began on a strong note, as a sharp pullback in oil prices—driven by hopes of a potential pause in hostilities between the U.S. and Iran—sparked a broad risk-on rally. All eleven sectors advanced on Monday, and the S&P 500 and DJIA briefly reclaimed their 200-day moving averages. However, that optimism proved fleeting, as conflicting reports around negotiations quickly reintroduced uncertainty.

From there, markets struggled to gain traction. Oil resumed its volatile swings, and Treasury yields moved higher overall, creating a difficult backdrop for equities— particularly large-cap growth stocks. While there were intermittent bouts of strength tied to dips in oil prices, each rebound attempt was capped near key technical resistance levels.

A key theme throughout the week was the pronounced divergence between mega-cap stocks and the broader market. The Nasdaq Composite underperformed sharply, weighed down by significant losses in the communication services (-7.2%) and information technology (-3.5%) sectors. Weakness in mega-cap names—particularly across software and internet platforms—was a persistent drag.

In contrast, smaller-cap stocks showed relative resilience for much of the week, with the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.4%) managing gains. Additionally, more commodity-linked areas outperformed, highlighting a clear rotation away from growth.

The energy sector (+6.2%) led all gainers as oil prices ultimately pushed back toward the $100 per barrel mark by week’s end, despite early volatility. The materials sector (+4.2%) also posted strong gains, supported by strength in chemicals and metals amid ongoing supply concerns tied to Middle East tensions.

Defensive sectors saw steady inflows as well, with utilities (+2.9%) and consumer staples (+1.2%) outperforming, particularly during the latter part of the week as risk sentiment deteriorated.

By Thursday and Friday, selling pressure intensified. Rising oil prices, climbing Treasury yields, and escalating geopolitical rhetoric combined to drive broad-based losses. Mega-cap stocks led the decline, with all of the “Magnificent Seven” finishing lower on Friday, while continued weakness in software and semiconductor stocks compounded the downside.

Ultimately, this week reinforced a market increasingly shaped by external macro forces—namely, oil prices and geopolitical developments. While there were signs of resilience beneath the surface earlier in the week, persistent weakness in mega-cap stocks and repeated failures at key technical levels left the broader market vulnerable.

As long as oil remains volatile and geopolitical uncertainty persists, the path forward for equities is likely to remain uneven, with sector rotation and macro sensitivity continuing to define price action.