The stock market finished the week with modest gains, though the path higher was far from smooth. The S&P 500 (+0.9%) extended its winning streak to eight weeks, while the DJIA (+2.1%) climbed to fresh record highs. The Nasdaq Composite (+0.5%) underperformed somewhat as leadership across mega-cap technology and AI-linked stocks became more mixed following NVIDIA's closely watched earnings report.
Importantly, market participation broadened throughout the week. The Russell 2000 (+2.5%) and S&P Mid Cap 400 (+1.8%) both outperformed, while the equal-weighted S&P 500 frequently outpaced the market-cap weighted index as investors rotated into rate-sensitive and economically sensitive areas outside of mega-cap tech.
Much of the week's volatility revolved around shifting headlines tied to U.S.-Iran negotiations. Oil prices and Treasury yields swung sharply throughout the week as reports alternated between signs of progress and renewed tension. Ultimately, WTI crude oil retreated roughly 8% for the week, helping ease inflation concerns and relieving some of the upward pressure that had recently pushed Treasury yields to fresh highs for the year.
That backdrop supported several rate-sensitive groups. The real estate sector (+3.0%) and utilities sector (+3.3%) both posted strong gains. Financials (+1.6%) and consumer discretionary (+1.9%) also participated in the advance.
Technology stocks still contributed positively overall, though leadership narrowed as the week progressed. The information technology sector rose 1.0%, with strong rebounds in semiconductor names ahead of NVIDIA's earnings report. However, NVIDIA's muted post-earnings reaction highlighted increasingly elevated expectations surrounding the AI trade, even after another standout quarterly report.
Meanwhile, the communication services sector (-1.8%) lagged amid weakness in Alphabet.
Elsewhere, healthcare (+3.3%) emerged as one of the week's strongest sectors as investors balanced growth exposure with more defensive positioning. Consumer staples (-1.0%) lagged, while the energy sector (-0.4%) finished slightly lower after sharp midweek declines in crude oil prices erased earlier strength tied to geopolitical tensions.
Overall, the week reflected a healthier broadening in market participation even as macro uncertainty remained elevated. Falling oil prices, easing pressure on Treasury yields, resilient earnings results, and continued dip-buying across select technology names helped support equities despite persistent concerns surrounding inflation, monetary policy, and geopolitics.
Russell 2000: +2.5% week-to-date
DJIA: +2.1% week-to-date
S&P Mid Cap 400: +1.8% week-to-date
S&P 500: +0.9% week-to-date
Nasdaq Composite: +0.5% week-to-date