Dow Jones - 42,197.79 (-1.79%) 

Nasdaq - 19,406.83 (-1.30%)

S&P 500 - 5,976.97 (-1.13%) 

• Escalations in the Middle East. U.S. stock indexes fell on Friday as rising tensions in the Middle East shook investor confidence, dragging markets lower for the week. The S&P 500 and NASDAQ posted modest weekly losses, snapping a two-week winning streak, while the Dow declined more than 1% over the same period. The S&P 500 fell back below the 6,000 level on Friday after Israel launched an attack on Iran. European and Asian markets also ended broadly lower, though losses were contained and major indexes remain positive for 2025.
• Middle East Tension. Israeli Prime Minister Benjamin Netanyahu has pledged that the campaign targeting Iran’s nuclear and military sites will continue "for as many days as it takes," heightening concerns of a broader conflict. He also warned of "several waves" of expected retaliation from Iran.
• Trade progress. U.S. and Chinese officials convened in London earlier last week and agreed on a preliminary trade framework after several days of talks. President Donald Trump announced that China committed to supplying U.S. companies with magnets and rare earth metals in exchange for the U.S. maintaining visas for Chinese students. China later specified that it would impose a six-month restriction on its rare-earth export license to the U.S.
• Yields went higher as did the U.S. dollar. The 10-year yield edged up to 4.4%, possibly signaling lingering inflation worries. The dollar rose over 0.6% against a basket of other major currencies.
• New economic data. The latest University of Michigan survey, released Friday, showed consumer sentiment rising for the first time in six months. The index climbed to 60.5, up from 52.2 in the previous month and surpassed economists’ expectations of 53.6. The rebound follows one of the weakest readings on record in May.
• Gold exploded. Gold futures surged about 1.5%, reaching around $3,450.50 per ounce as investors sought refuge in the safe-haven asset. Spot gold rose to approximately $3,425 per troy ounce, edging closer to its April record peak of $3,500.05.
• Oil went up and energy stocks flourished. Crude oil prices soared more than 7%, paring gains of as much as 13% as strikes hit the third-largest OPEC producer. Oil prices could rise significantly beyond Friday’s 7% surge, with Goldman Sachs analysts cautioning that the commodity may exceed $90 a barrel if the Israel-Iran conflict intensifies. Energy stocks outperformed the rest of the market on Friday.
• Bitcoin went lower. Bitcoin sank as much as 3% against the dollar but is currently down about 2%, trading near $104,800. Investors learned that Walmart and Amazon are exploring the launch of their own stablecoin offerings. 
• AIRO made its IPO debut. Airo Group Holdings Inc. skyrocketed 140% in its public trading debut on Friday after raising $60 million in its initial public offering, becoming the third company this month to more than double on its first day of trading.
• Visa topped Yahoo Finance’s trending ticker list on Friday. This was following a Wall Street Journal report that major retailers like Walmart and Amazon are exploring the launch of their own stablecoins.
• Adobe shares declined. The decline came despite the company raising its full-year outlook and posting record-high sales in Q2.
• RH went higher. RH (surged over 11% in early trading Friday after reporting an unexpected first-quarter profit and reaffirming its full-year guidance, easing investor worries about tariffs and a slow housing market.
• Airline stocks lagged. Airline stocks came under pressure as soaring crude oil prices threaten higher fuel costs. United Airlines (led losses with a 5.2% drop in pre-market trading, followed by Delta Air Lines down 4.8%, Southwest Airlines slipping 3.1%, and American Airlines falling 4.3%.
• Boeing slumped. A deadly air crash in India involving a Boeing plane sent the stock down.
• Cardinal Health remained flat after a 4.5% jump Thursday. The jump was fueled by an upward revision to its earnings forecast and a presentation highlighting "significant progress in mitigating tariff exposure."
• Oracle edged lower after surging 13% Thursday. The company reported strong earnings and optimistic guidance.
• Chewy dipped 0.5% Friday. The company reported better-than-expected earnings and revenue on Thursday.
• Chime Financial continued its post-IPO rally. The company's shares opened at $43—about 60% above the $27 offering price.
• Tesla fell. The electric vehicle maker faces pressure after former President Trump backed a resolution blocking California’s vehicle emissions rule, according to Barron’s.
• Rate cut decisions. Investors can look forward to next Wednesday when the Feds make a decision on rates. 

• Tesla (TSLA)
• Nvidia (NVDA)
• Oracle (ORCL)
• Airo Group Holdings (AIRO)
• Apple (AAPL)

Biggest Gainers

• MP Materials Corp. (MP) - 18.06%
• Oracle Corp. (ORCL) - 12.37%
• TransAlta Corp. (TAC) - 9.15%
• Genius Sports Limited (GENI) - 8.53%
• Comstock Resources, Inc. (CRK) - 7.69%

Biggest Losers

• Veon Ltd. (VEON) - 18.59%
• Archer Aviation, Inc. (ACHR) 14.83%
• Dave, Inc. (DAVE) -12.60%
• Applied Digital Corp. (APLD) - 10.63%
• Newegg Commerce, Inc. (NEGG) - 10.17%

Weekly Notables

Anne Wojcicki’s Nonprofit Wins Bankruptcy Auction to Reclaim Control of 23andMe

Anne Wojcicki, founder of 23andMe, is set to regain control of the company after a nonprofit she leads submitted a winning bid of $305 million in a bankruptcy auction, outbidding Regeneron Pharmaceuticals’ $256 million offer. Last month, Regeneron had agreed to acquire the struggling DNA-testing company for $256 million, beating an earlier $146 million bid from Wojcicki and her nonprofit, TTAM Research Institute. The deal is expected to finalize in the coming weeks, pending a court hearing scheduled for June 17, the company announced Friday.

Airo Group Holdings Explodes in Wall Street Debut

Shares of Airo Group Holdings Inc. skyrocketed 140% during their market debut on Friday, following a $60 million initial public offering. The aerospace and defense firm became the third company this month to more than double on its first day of trading. Airo’s stock, which soared as much as 291% earlier in the session, experienced several volatility halts before ending the day at $24 in New York.

The Week Ahead

• Potential market moving catalysts this week: Monday (6/16): Empire State Manufacturing. Tuesday (6/17): Retail Sales, Business Inventories, Capacity Utilization, Export Prices, Import Prices, Industrial Production, NAHB Housing Market Index. Wednesday (6/18): Building Permits, EIA Crude Oil Inventories, FOMC Rate Decision, Housing Starts, MBA Mortgage Applications Index, Net Long-Term TIC Flows. Thursday (6/19): Continuing Claims, EIA Natural Gas Inventories, Initial Claims. Friday (6/20): Leading Indicators, Philadelphia Fed Index.
• Earnings on deck this week: Monday (6/16): Lennar Corp. (LEN).
• Tuesday (6/17): Jabil Inc. (JBL), John Wiley & Sons Inc. (WLY), La-Z-Boy Inc. (LZB). Wednesday (6/18): Korn Ferry (KFY), GMS Inc. (GMS), Smith & Wesson Brands Inc. (SWBI). Thursday (6/19): -no reports- Market closed for Junteenth. Friday (6/20): Accenture PLC (ACN), Kroger Co. (KR), Darden Restaurants Inc. (DRI), CarMax Inc. (KMX).