Finance

Energy emerged as the top-performing sector this week, rising 3.4% as crude oil prices reacted to the collapse of a ceasefire between the U.S. and Iran. Brent crude futures jumped significantly to settle above $77 a barrel after hostilities resumed, prompting concerns that a temporary supply recovery through the Strait of Hormuz could be upended.

The technology sector maintained momentum with a 3.3% weekly gain, bolstered by the successful U.S. debut of memory chip giant SK Hynix, which saw its shares surge over 13% on the first day. Investors are also preparing for increased market activity following SpaceX's entry into the Nasdaq-100 and upcoming earnings reports from leading semiconductor equipment manufacturers.

Recent economic data showed a moderating but steady labor market, with the unemployment rate dipping to 4.2% in June despite slower job growth compared to previous months. This stability has reinforced market expectations that the Federal Reserve will maintain current interest rates at its next meeting, even as newly appointed Chair Kevin Warsh prepares for upcoming Congressional testimony.