Stocks Secure Back-To-Back Weekly Wins As Iran Tensions Ease

Wall Street spent the day cheering the dried ink from the official U.S.-Iran peace deal. Earlier in the session, Iran posted the fully executed memorandum of understanding, giving investors enough optimism to overshadow inflation fears at home. Three Saudi supertankers have already reportedly crossed the reopened Strait of Hormuz.

All three major indexes finished near session highs to wrap the holiday-shortened week. The Nasdaq added 496 points, with the tech-heavy latter building some separation from 26,000 thanks to an outsized move from Intel (INTC) and the semiconductor sector. All three indexes secured back-to-back weekly wins. 

Crude Craters to Steep Weekly Loss

Crude prices were mostly flat today, as supply concerns remain despite the Strait of Hormuz was declared reopen. July-dated West Texas Intermediate (WTI) slipped 0.2%, or 2 cents to close at $76.60 per barrel. For the week, black gold shed 10.9%.

Gold futures fell as the U.S. dollar rose in response to the hawkish Fed rhetoric yesterday. August-dated gold futures lost 3.1%, last seen at $4,245.90. For the week, the safe-haven asset finished flat.