Last week, major U.S. stock indexes were volatile but closed with gains, with the S&P 500 increasing by 0.95% and the Nasdaq Composite by 0.97%. Notably, the Dow Jones Industrial Average surpassed the 50,000 mark, achieving a record high with a weekly gain of 1.8%. These shifts occurred amid easing geopolitical tensions but also concerns over Federal Reserve policy and inflation.
Brent crude oil prices fell significantly from above $109 to nearly $102 by Thursday due to anticipated U.S.-Iran diplomatic progress, alleviating supply concerns. Mixed economic data included a decrease in initial jobless claims to 209,000 and a substantial drop in U.S. crude oil inventories by 7.9 million barrels, indicating strong demand. However, the Philadelphia Fed manufacturing index revealed a contraction, dropping to -0.4 from 26.7 in April, highlighting ongoing inflation concerns alongside geopolitical uncertainties.
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