The Dow settled lower on Friday, with the fragile two-week ceasefire between Iran and the U.S. weighing. President Donald Trump accused Iran of “short-term extortion" and warned the country not to charge fees to oil tankers crossing the Strait of Hormuz, with traffic still low. Meanwhile, Iran said peace negotiations would not happen until Israel stops attacking Lebanon and the U.S. releases Tehran’s frozen assets.
While the Nasdaq secured an eighth-straight gain -- its best streak since August 2024 -- the S&P 500 snapped its seven-day win streak. All three major benchmarks enjoyed their first back-to-back weekly gains of 2026, while the Cboe Volatility Index (VIX) marked a fourth weekly loss in five.
Oil Prices Cool Amid U.S. Demands
Oil prices cooled on Friday, after President Trump demanded the reopening of the Strait of Hormuz, which is still mostly shuttered despite the ceasefire. Front-month May-dated West Texas Intermediate (WTI) fell 1.5% to finish at $96.37 per barrel, and shed 13% this week.
Gold prices settled modestly lower as traders continued to monitor negotiations between the U.S. and Iran. April-dated gold fell 0.2% to finish at $4,808 an ounce for the day, but added 2.6% for the week.
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