| U.S. stocks finished mixed as oil prices fell on news of a Pakistan-driven mediation between the US/Iran through help with China and indications that some tankers are making it through the two maritime chokepoints. After a bounce this morning on the peace headlines, technology stocks sputtered amid a late day sell-off, adding to weekly declines as the Semi index (SOX) fell -4.25%. Nearly all eleven S&P 500 sectors finished higher, led by REITs, Materials, Healthcare and Consumer Staples, but the tech heavy Technology weakness pushed major averages lower despite the positive market breadth. Treasury yields fell today but surged to 18-month highs this week and crude oil surged on the week amid increased U.S./Iran tensions, hitting highest levels in 7-weeks and renewing inflation concerns into next week’s FOMC policy meeting on Wednesday. Markets await a catalyst filled window in the coming week as Wednesday (META, MSFT) and Thursday (AAPL, AMZN) out with mega-cap tech earnings and FOMC driving market direction with its policy meeting, though no rate changes are anticipated. In trade news, the Trump administration is set to impose new 10% and 12.5% tariffs on 60 trading partners, including the European Union, over what it says is insufficient enforcement of forced labor restrictions. The measures take effect as the temporary 10% global tariff expires and represent another step toward President Trump’s broader trade agenda after the U.S. Supreme Court earlier this year struck down portions of his reciprocal tariff framework. For the week, the S&P 500 fell 0.6%, the Dow fell 0.4% and the Nasdaq fell 2.1%. |