THE BIG PICTURE
The S&P 500 and Nasdaq Composite both closed at fresh all-time highs on Friday, powered by a seismic earnings beat from Intel (INTC) and renewed optimism that U.S.-Iran peace talks could resume in Pakistan. But beneath the headline records, this was a week defined by a tug-of-war between two powerful forces: a resurgent semiconductor cycle and a deepening energy supply shock in the Persian Gulf.
The S&P 500 finished at 7,165, up +0.6% for the week. The Nasdaq Composite surged +1.5% to 24,837, its best weekly gain in over a month, driven almost entirely by semiconductor strength. The Dow Jones Industrial Average, weighed down by energy-sensitive industrials and a rotation away from defensive names, slipped -0.4% to 49,231. The Russell 2000 edged up +0.4% to 2,787, consolidating near its all-time high after last week’s explosive 6% rally.