The S&P 500 fell slightly on Friday, although the index remained on track for a solid weekly gain, as traders tracked the fragile two-week ceasefire between the US and Iran.
The broad market index fell 0.2%, while the Nasdaq Composite rose 0.3%, driven by gains in key semiconductor stocks such as Nvidia and Broadcom. In contrast, the Dow Jones Industrial Average fell by 312 points, or 0.7%.
Still, the S&P 500 jumped more than 3% this week, coming off its best week since November. The Nasdaq is on track to rise more than 4%, also on track for its best week since November. The Dow has gained about 3% since the start of the week.
President Donald Trump on Friday accused Iran of “short-term extortion of the world using international waterways,” saying in a post on Truth Social that its leaders “don’t seem to realize they don’t have tickets” and that “the only reason they’re alive today is to negotiate!”
It comes a day after the president warned that Iran should not charge oil tankers traveling through the Strait of Hormuz, writing in a post on Truth Social: “They better not charge, and if they do, they better stop now!”
Oil prices fluctuated as concerns over the reopening of the straits hovered over the market, SEEbiz reports. West Texas Intermediate crude futures were last down 1.5% at $96.37 a barrel, and international benchmark Brent crude futures were last down 1.3% at $94.69 a barrel.
Inflation was top of mind for investors this week as they assessed a series of key reports amid concerns that rising energy prices fueled by conflict in the Middle East will weigh on the US economy.
The Consumer Price Index report for March showed that inflation was in line with expectations, coming in at 0.9% for the month and 3.3% year-on-year. This included a 10.9% rise in energy costs due to the conflict.
