The stock market experienced a record-breaking week despite global tensions.
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The S&P 500 and Nasdaq closed Friday at all-time highs, even as the U.S. entered the Israel-Iran conflict by bombing Iran’s nuclear facilities. Energy prices, which had spiked before the bombings, saw a sharp decline.
West Texas Intermediate crude ended the week down more than 11%.
https://x.com/ETNOWlive/status/1939232557935087894
This allowed the S&P 500 and Nasdaq to reach record levels with weekly gains of nearly 3.5% and over 4%, respectively. The quick drop in energy prices spared analysts from revising growth, inflation, or consumer spending estimates downward for now.
New stock market highs
Interest rate expectations were also in focus, with investors anticipating three rate cuts by year-end. Nvidia continued its impressive run, hitting new all-time highs driven by positive sentiment around AI and data center demand.
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Goldman Sachs received a boost from proposed lower capital requirements for large U.S. banks. In healthcare, Eli Lilly’s shares advanced despite underwhelming data on its weight-loss drug. Abbott Laboratories benefited from the Health & Human Services Secretary’s endorsement of wearable health devices.
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Investors are watching Apple’s potential shift towards AI development and Amazon’s ventures into online grocery shopping and advanced technologies. The week’s market performance, supported by easing energy prices and steady interest rate expectations, sets a cautiously optimistic tone as the second quarter ends.