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US Equity Indexes Break Records This Week as Mega-Cap Tech Soars, Trump Close to Announcing Decision on Iran

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US equity indexes jumped this week as technology topped sector charts amid expectations that the imminent Iran peace deal will reopen the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.

* The S&P 500 closed at 7,580.06 on Friday versus 7,491.50 a week ago. The Nasdaq Composite stood at about 26,972.62, compared with 26,443.15 a week earlier. The Dow Jones Industrial Average ended at 51,032.46, versus 49,677.17 at the end of last week.

* Technology was up 5.4% while energy slumped 5.1% this week.

* Micron Technology's (MU) market capitalization crossed $1 trillion for the first time amid soaring demand for memory as artificial intelligence-related growth across the corporate landscape explodes. Its shares soared 27% this week.

* Dell Technologies (DELL) reported fiscal Q1 financial results that topped analyst estimates and issued higher-than-expected guidance for fiscal Q2 and the full year. Shares surged 66% this week.

* US President Donald Trump said he is holding a meeting in the White House Situation Room to make a "final determination" after Washington and Tehran reached a tentative agreement this week to open the Strait of Hormuz and start nuclear talks, CNN reported late Friday.

* Core personal consumption expenditures, or PCE, price index, the Federal Reserve's preferred inflation gauge, grew by less than forecast in April, month over month. Annually, the Core PCE growth was in line with expectations.

* The 30-year Treasury yield stood at around 4.98% late Friday, extending its declines this week from mid-May when it touched the highest level since 2007.

* West Texas Intermediate crude oil futures dropped 1.1% to $87.97 a barrel late Friday, continuing its retreat from around $108 in mid-May.

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Exchange-Traded Funds Mixed, US Equities Advance After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM declined, while IVV gained. Actively traded Invesco QQQ Trust (QQQ) rose 0.5%.US equity indexes were higher after midday Friday amid a surge in technology names, and as President Donald Trump appeared close to announcing his decision on a preliminary Iran peace agreement.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each lost about 1.1%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was 2.1% higher; iShares US Technology ETF (IYW) rose 1.4%, and iShares Expanded Tech Sector ETF (IGM) was up 1.6%.The State Street SPDR S&P Semiconductor (XSD) dropped 2.8%, and iShares Semiconductor (SOXX) edged up 0.1%.FinancialThe State Street Financial Select Sector SPDR (XLF) rose 0.8%. Direxion Daily Financial Bull 3X Shares (FAS) climbed up 2.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 2.4%.CommoditiesCrude oil fell 2.8%, and the United States Oil Fund (USO) slipped 2.9%. Natural gas climbed up 1.5%, and the United States Natural Gas Fund (UNG) was up 1.6%.Gold on Comex added 1.6%, and the State Street SPDR Gold Shares (GLD) rose 1.5%. Silver gained 0.4%, and iShares Silver Trust (SLV) was up 0.2%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) lost 1.5%. The Vanguard Consumer Staples ETF (VDC) fell 1.7%, and iShares Dow Jones US Consumer Goods (IYK) was up 1.1%.The State Street Consumer Discretionary Select Sector SPDR (XLY) dipped 0.6%. VanEck Retail ETF (RTH) slipped 1.4%, and the State Street SPDR S&P Retail (XRT) fell 1.8%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) shed 0.9%, iShares US Healthcare (IYH) fell 0.8%, and Vanguard Health Care ETF (VHT) was down 0.7%. IShares Biotechnology ETF (IBB) rose 0.3%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) lost 0.1%. Vanguard Industrials Index Fund (VIS) fell 0.2%, while iShares US Industrials (IYJ) rose 0.1%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) rose 0.9%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) added 0.7%, ProShares Ether ETF (EETH) gained 1.2%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 0.7% higher.

$^DJI$^EEM$^EXI$^FAS$^FAZ$^GLD$^IBB$^IGM$^IGV$^IPK$^IVV$^IWM$^IXIC$^IYE$^IYH$^IYJ$^IYK$^IYW$^PMR$^QQQ$^RTH$^SOXX$^SPX$^SPY$^UNG$^USO$^VDC$^VHT$^VIS$^XLE$^XLF$^XLI$^XLK$^XLP$^XLV$^XRT$^XSD$BETH$BITO$EETH
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US Equity Indexes Scale New Peaks Amid Tech Gains as Trump Close to Making Decision on Iran Peace Deal

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$^DJI$^IXIC$^SPX$COST$DELL$IBM
Asia Markets

European Stocks Close Mixed; Trump to Make Final Determination on US, Iran Peace Deal

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