S&P 500 – 7,500.58 (+1.08%)

Dow Jones – 51,564.70 (+0.14%)

NASDAQ – 26,517.931 (+1.91%)

• U.S.–Iran Peace Agreement & Global Market Rally: President Trump signed an interim peace agreement with Iran, easing geopolitical tensions and reopening the path for normal operations through the Strait of Hormuz. Global markets reacted positively, with Asian equities rallying sharply and benchmark indexes in Japan and South Korea reaching fresh record highs.
• Treasury Market Signals Mixed Expectations: Despite improving investor sentiment and WTI crude pulling back toward $75 per barrel, pressure remains concentrated in short-term bonds. The 2-year Treasury yield climbed to 4.18%, hovering near new 2026 highs. Meanwhile, longer-duration Treasuries continued outperforming, with the 10-year yield easing to 4.44% and the 30-year yield falling to 4.86%, marking a three-month low.
• Dollar Strength Continues: Higher expectations for elevated short-term interest rates helped push the U.S. dollar to a new 2026 high against a trade-weighted basket of currencies.
• Gold Climbs Despite Improving Risk Sentiment: Gold moved higher following the interim U.S.–Iran peace agreement, with bullion gaining as much as 1.7% to reach $4,328 per ounce.
• Bank of England Holds Rates Steady: The Bank of England voted 7–2 to keep its benchmark lending rate unchanged at 3.75%, pointing to easing inflation concerns tied to Iran-related energy risks and signs of softening in the UK labor market.
• Labor Market Remains Resilient: Weekly initial unemployment claims remained historically low, signaling employers are still maintaining hiring activity. Continued labor strength supports the Federal Reserve’s more hawkish tone this week.
• Mortgage Rates Move Lower: Mortgage rates slipped below 6.5% as progress toward a U.S.–Iran agreement reduced market volatility. Freddie Mac reported the average 30-year fixed mortgage rate fell to 6.47% through Wednesday from 6.52% the prior week.
• Gas Prices Ease Below $4: National average gasoline prices dropped below $4 per gallon and may continue trending lower if oil remains in the $70–$80 range, potentially reducing inflation pressure through the summer months.
• SpaceX Pulls Back After Strong Debut: SpaceX (SPCX) recorded its first losing session since going public last Friday, falling nearly 5% Wednesday and extending losses Thursday. Shares were down as much as 10% intraday before recovering part of the decline.
• Chip Stocks Rally on Intel–Apple Momentum: Semiconductor names moved higher after Intel’s newly announced manufacturing partnership with Apple fueled optimism across the chip sector.
• Anthropic Pushes to Restart AI Models: Anthropic reportedly met with members of the Trump administration this week as the company works toward an agreement that would allow deployment of its Fable 5 and Mythos 5 AI models.
• Accenture Falls Despite Earnings Beat: Accenture (ACN) delivered stronger-than-expected third-quarter results, topping earnings estimates by $0.09 per share and matching revenue expectations. Shares nevertheless dropped roughly 14% as investors reacted to plans for approximately $4.2 billion in acquisitions and an additional majority investment.
• Kroger Slips After Earnings: Kroger (KR) traded lower after missing earnings expectations by one cent per share, although revenue exceeded analyst forecasts.
• Travel Stocks Catch a Tailwind: Lower oil prices boosted travel-related names. Airlines including United (UAL) and Delta (DAL) moved higher on expectations of lower fuel costs, while cruise operators Carnival (CCL) and Royal Caribbean also gained.
• Pfizer Shares Edge Lower: Pfizer (PFE) traded modestly lower after announcing its CFO intends to step down later this summer.
• Technology Leads U.S. Market Gains: U.S. equities advanced Thursday, led by technology stocks as investors responded to improving geopolitical conditions and evaluated the Federal Reserve’s latest rate decision.
• Student Loan Incentive Program Introduced: The Trump administration announced a temporary interest-rate reduction for federal student loan borrowers who enroll in autopay, aiming to increase participation ahead of broader repayment system updates.
• NBA Europe Expansion Moves Forward: The NBA is expected to announce winning bids for 12 new NBA Europe franchises in the coming months as plans accelerate for the league’s targeted 2027 launch.

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“Some people believe football is a matter of life and death. I am very disappointed with that attitude. I can assure you it is much, much more important than that.”

 — Bill Shankly

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Notable Stocks

• Nvidia (NVDA)
• Intel (INTC)
• Pfizer (PFE)
• Kroger (KR)
• Accenture (ACN)

Weekly Notables

Intel Surges on Apple Chipmaking Partnership News Backed by Trump

Intel (INTC) shares jumped sharply before the opening bell on Friday after President Trump said Apple (AAPL) has agreed to partner with the chipmaker to design and manufacture semiconductors in the United States.

Hollister Partners With Target to Enter $89B Back-to-College Market

Hollister is teaming up with Target to launch a new collection of dorm decor, apparel, and bedding, marking its first move into home goods as it expands beyond clothing. The “Hollister Collection at Target” will roll out June 28 online, in most Target stores, and select Hollister locations, featuring nearly 60 items aimed at the back-to-college market.

Earnings Spotlight: FedEx (FDX)

FedEx Corporation (FDX) is scheduled to report its Q4 and full-year fiscal 2026 earnings on June 23, 2026. Analysts project an adjusted EPS of $5.84 for the quarter, down slightly from the previous year's period. 

What's Ahead

Economic:

• Monday (6/22): no reports
• Tuesday (6/23): no reports
• Wednesday (6/24): Current Account Balance, EIA Crude Oil Inventories, MBA Mortgage Applications Index, New Home Sales
• Thursday (6/25): Continuing Claims, Durable Goods, EIA Natural Gas Inventories, Q2 GDP – Third Estimate, Initial Claims, PCE Prices, Personal Income, Personal Spending
• Friday (6/26): Advanced International Trade in Goods, Advanced Retail Inventories, Advanced Wholesale Inventories, University of Michigan Consumer Sentiment

Earnings:

• Monday (6/22): American Resources Corp. (AREC), Ennis Inc. (EBF), Fervo Energy Co. (FRVO), ICON PLC (ICLR), Outdoor Holding Company (POWW)
• Tuesday (6/23): Carnival Corp. (CCL), Cerebras Systems Inc. (CBRS), FedEx Corp. (FDX), KB Home Inc. (KBH), Korn Ferry (KFY)
• Wednesday (6/24): Daktronics Inc. (DAKT), H.B. Fuller Company (FUL), Jefferies Financial Group Inc. (JEF), Levi Strauss & co. (LEVI), NovaGold Resources Inc. (NG), Micron Technology Inc. (MU), Trip.com Group Ltd. (TCOM)
• Thursday (6/25): Acuity Inc. (AYI), Blackberry Ltd. (BB), Commercial Metals Inc. (CMC), Darden Restaurants Inc. (DRI), Enerpac Tool Group Corp. (EPAC), FedEx Freight Holding Company (FDXF), Lindsay Corp. (LNN), McCormick & Company (MKC), TD Synnex Corp. (SNX), Winnebago Industries Inc. (WGO)
• Friday (6/26): Apogee Enterprises Inc. (APOG)