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The S&P 500 closed Friday at 7,575.39, up 1.2% on the week, while the Nasdaq rose 1.7% last week. The dominant story was a sharp re-escalation of the war between the US and Iran. Trump declared the ceasefire "over" on Wednesday after Iranian strikes on commercial vessels in the Strait of Hormuz, and the US carried out fresh airstrikes Wednesday night and again on Thursday, with Iran retaliating against US-allied Gulf states. The price of Brent crude oil spiked as high as $78.19 per barrel before easing back toward $76.01 by Friday (chart).
Semiconductor stocks whipsawed all week. Samsung's record 19-fold y/y profit jump last quarter, reported on Tuesday, still missed elevated Wall Street expectations. Micron's $250 billion US investment pledge sparked a sharp Thursday rebound. SK Hynix made a $26.5 billion Nasdaq debut on Friday, the largest-ever US listing by a foreign company; its stock rose 13% that day.
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