Finance

U.S. equity markets rallied as the week closed, with the Dow Jones, S&P 500, and Nasdaq all posting gains driven by the successful SpaceX launch and reports of a potential peace deal between the U.S. and Iran. The Russell 2000 also surged, reaching a new all-time high for 2026 as small-cap stocks outperformed the broader market.

The U.S. economy added 172,000 jobs in May, significantly exceeding expectations of 85,000 and lowering the immediate probability of an interest rate cut. While the unemployment rate held steady at 4.3%, the robust hiring figures suggest the Federal Reserve may remain focused on containing persistent inflation through the end of the year.

Brent crude and WTI futures saw a significant weekly decline, with Brent falling over 4% to approximately $86 per barrel. This downward trend is primarily attributed to hopes that a resolution to Middle East tensions will normalize global oil flows and reopen critical trade routes like the Strait of Hormuz.