S&P 500 dips Friday, still logs best week since November on fragile Iran ceasefire

The S&P 500 edged lower on Friday but still wrapped up its strongest week since November, as investors monitored a fragile two-week ceasefire between the U.S. and Iran.

The benchmark index slipped 0.11% to close at 6,816.89. Meanwhile, the Nasdaq Composite rose 0.35% to 22,902.89, supported by gains in semiconductor giants Nvidia and Broadcom. The Dow Jones Industrial Average declined 269.23 points, or 0.56%, ending at 47,916.57.

Despite the mixed session, markets posted solid weekly gains. The S&P 500 advanced about 3.6%, the Nasdaq climbed roughly 4.7%, and the Dow added around 3%, marking their best weekly performances since November.

Tensions remained in focus as Donald Trump criticized Iran, accusing it of exploiting global waterways and warning against imposing fees on oil tankers passing through the Strait of Hormuz.

Oil prices were volatile amid uncertainty over the strait’s status. U.S. crude, West Texas Intermediate crude, fell 1.33% to settle at $96.57 per barrel, while Brent crude dropped 0.75% to $95.20.

Inflation remained a key concern for investors. The latest data showed consumer prices rose 0.9% in March and 3.3% year-over-year, largely driven by a 10.9% surge in energy costs linked to the Middle East conflict. However, core inflation—excluding energy—was more subdued, rising just 0.2% on the month and 2.6% annually, coming in below expectations.

Still, inflation concerns are building. A survey from the University of Michigan showed consumers expect inflation to rise to 4.8% over the next year, up sharply from the previous month.

Overall, while Friday’s session ended on a softer note, the week reflected strong market momentum supported by easing geopolitical tensions and resilient economic data.