The major averages finished near their best levels of the session following a relatively quiet day of trading, with easing oil prices helping the market look past geopolitical volatility and support equities after a volatile week marked by sharp swings in semiconductor stocks and crude oil. The S&P 500 (+0.4%), Nasdaq Composite (+0.3%), and DJIA (+0.3%) all closed higher. The S&P 500 and Nasdaq Composite also finished firmly higher for the week, while the DJIA ended modestly lower.

Markets briefly turned lower during the morning after President Trump said the U.S. would continue talks with Iran while declaring the ceasefire over. Sentiment steadied after Axios reported that the U.S. and Iran are expected to hold another round of talks in Switzerland next week, while Bloomberg reported that oil tankers continue to transit the Strait of Hormuz despite ongoing tensions. WTI crude oil futures settled down $0.69 (-1.0%) at $71.41 per barrel.

The retreat in oil prices supported broad participation across the market, with 10 S&P 500 sectors finishing higher. The materials sector (+1.1%) led the advance as container and packaging companies benefited from easing energy costs, while the decline in crude also helped keep broader market volatility subdued.

The communication services sector (+0.9%) was another standout thanks to Meta Platforms (META 669.21, +37.73, +5.97%), which finished as the best-performing S&P 500 component. Investors continued to warm to the company's AI strategy following a series of product and infrastructure announcements, including reports that it may monetize surplus computing capacity and expand its AI infrastructure, reinforcing confidence that its elevated AI spending can evolve from a margin headwind into a meaningful long-term growth opportunity.

The information technology sector (+0.6%) also strengthened into the close despite relatively muted action across semiconductor stocks, with the PHLX Semiconductor Index finishing little changed (+0.1%). NVIDIA (NVDA 210.96, +8.18, +4.03%) nevertheless was a standout%, extending a strong weekly advance.

While not a component of the S&P 500, SK hynix Inc.'s (SKHYV 168.31, +19.31, +12.96%) Nasdaq ADS enjoyed a strong U.S. debut, reinforcing investor appetite for one of the AI industry's leading high-bandwidth memory suppliers.

The health care sector (-0.8%) was the lone sector to finish lower, weighed down by continued weakness in Moderna (MRNA 68.27, -8.29, -10.83%), which ended as the worst-performing S&P 500 component.

On the earnings front, Delta Air Lines (DAL 87.39, -1.61, -1.81%) also declined despite delivering better-than-feared quarterly results and reaffirming its full-year outlook, suggesting investors remain cautious about the pace of the airline industry's earnings recovery even as the company pointed to improving demand.

Although today's session lacked the sharp rotations seen earlier in the week, it capped a constructive stretch for equities as investors largely looked past the latest geopolitical developments. Attention now shifts to next week's start of second-quarter earnings season, with the major banks set to report first, along with another round of inflation data that could help shape expectations for monetary policy. With the market continuing to trade near record highs, corporate guidance is likely to be just as important as the quarterly results themselves.

There was no economic data of note. 

U.S. Treasuries finished a bumpy week on a lower note with yields on 5-year note and shorter tenors settling just below this year's highs. The 2-year note yield settled up five basis points to 4.21% (+7 basis points this week), and the 10-year note yield settled up three basis points to 4.57% (+8 basis points this week).

• Russell 2000: +20.0% YTD
• S&P Mid Cap 400: +14.4% YTD
• Nasdaq Composite: +13.1% YTD
• S&P 500: +10.7% YTD
• DJIA: +9.5% YTD