Indexes

Stocks closed out a turbulent week with a broad, quiet advance: small caps and the Dow led, the S&P 500 added half a percent, and volatility kept draining out of the options market even as the largest stock-market listing on record priced and traded.

Sector Heat Map

Rotation, more than fresh risk appetite, set the day's shape.

Money moved toward materials, financials, and rate-sensitive defensives while Thursday's technology leaders finished mixed; communication services closed as the only decliner.

In the News

Drivers

1. The weekend is the event. A US-Iran agreement could be signed as soon as this weekend, with Geneva the likely venue and Vice President JD Vance expected to attend the ceremony before the G7 summit opens Monday in France. Two sessions of steep declines say crude has largely priced a signature, so the unpriced outcome is a breakdown in the talks, which would hand back much of this week's oil decline at Sunday's futures reopen. Oil has traded headlines better than fundamentals all month, and Friday's leaked-text episode is a reminder of how much can wobble between a Friday close and a Monday open.

2. The Federal Reserve meets Tuesday and Wednesday, Kevin Warsh's first meeting as chair. Prediction markets put a hold at 3.50-3.75 percent near 98 percent, per Polymarket, so the statement and press conference carry the real information, and futures markets currently treat a hike as the likelier year-end move. Warsh has criticized forward guidance for years — will the dot plot survive his first meeting?

3. Markets are closed Friday for Juneteenth, compressing the week: Empire State manufacturing Monday, May retail sales Wednesday morning hours before the Fed statement, and quarterly index-option expiration landing Thursday alongside the Kroger and Accenture reports.

SPY, daily: below the 20-day, comfortably above the 50-day at $722.80.

Rocket Lab, daily: the parabolic spring run meets its 50-day average for the first time.

Freeport-McMoRan, daily: out the top of the May consolidation.

JPMorgan, daily: back above both short-term averages in one session.

Rates, FX, Commodities

Treasury yields drifted higher into next week's Fed meeting, giving back a slice of Thursday's rally.

The long end rose slightly more than the front, leaving the curve a touch steeper heading into the meeting.

Technicals

Index charts are in a holding pattern. The S&P 500 ended at 7,431, about half a percent below its 20-day average at 7,466 and comfortably above the 50-day at 7,248; the June 2 record of 7,609.78 is the upside reference and the 50-day the first meaningful support. The Nasdaq 100 finished at 29,636, exactly at its 20-day average, after Thursday's rebound did most of the repair work. The 10-year yield at 4.49 percent sits between its 50-day at 4.42 and its 20-day at 4.52; those two averages bracket the range that matters into Wednesday's Fed decision. Adobe's slide through $200 was the session's defining intraday move and is charted below.

Adobe, hourly: an early slide through $200 found buyers within the hour, and the stock spent the afternoon climbing back above the figure.

Breakouts & Breakdowns

Breakouts

Freeport-McMoRan (FCX) — cleared the top of its May consolidation with a 3.1 percent close at $68.41, well above the 20-day at $64.72; the 52-week high at $71.72 is the next marker.

JPMorgan Chase (JPM) — reclaimed the 20-day and the 50-day ($306.56) in a single session, closing at $320.72. The record at $332.91 sits overhead.

Breakdowns

Adobe (ADBE) — a new 52-week closing low after an intraday trip to $196.90, territory MarketWatch pegs at more than seven years old; no major moving average remains nearby to lean on.

Rocket Lab (RKLB) — fell to $102.39, the first test of the 50-day at $100.74 since the spring run began. Losing that line opens downside to the 200-day at $72.61.

Top Movers

Thursday evening's earnings and the SpaceX debut did most of the day's sorting.

Gainers

SpaceX (SPCX) closed its first session at $160.95, up 19.2 percent from the $135 offer price, after trading between $150.00 and $176.52. The company ended the day with a market value above $2 trillion, among the largest listed anywhere, per NPR. The buying reflected scarcity as much as rocket economics: a dominant, franchise-scale company listing at size for the first time in years. The rest of the space group spent the day funding the new position, and how the stock trades once index-inclusion math starts circulating is next week's question for the group.

Goldman Sachs (GS) rose 2.6 percent to $1,062.75, leading a financials sector that gained 1.4 percent. A record IPO, a reopening deal calendar, and a slightly steeper curve are the ingredients the investment banks have waited on all year.

Newmont (NEM) added 2.7 percent to $100.23 as gold futures held above $4,200 despite the easing war risk.

Losers

Adobe (ADBE) fell 6.8 percent to $204.02, the second leg of a two-day slide that followed a quarter with little wrong in it: EPS of $5.96 against a $5.82 estimate, revenue of $6.62 billion against $6.46 billion expected, AI-first recurring revenue tripling past $500 million, and a full-year guide raised to $26.5-26.6 billion. The market is pricing the questions the report cannot answer: an unfilled CEO seat, a CFO leaving Monday, and whether AI tools expand or erode creative-software spending. Goldman Sachs cut its target to $190 and keeps a Sell rating; JPMorgan trimmed to $340 and stays Overweight. That $150 spread is the whole debate in two tickets.

Rocket Lab (RKLB) dropped 10.8 percent, the hardest hit of the SpaceX proxies that ran for weeks into the listing. Barron's reported earlier this month that insiders had sold a combined $18 million of stock near the highs. With the real thing now tradable, the scarcity case for the stand-ins weakened overnight.

Lennar (LEN) lost 4.9 percent to $90.30 after reporting EPS of $1.24 on revenue of $7.94 billion, with new orders down 4 percent to 21,749 homes and gross margin compressing to 15.6 from 17.8 percent a year ago. CEO Stuart Miller called the quarter "defined by the same stubborn headwinds that have challenged the housing market for the past several years," and the company trimmed full-year delivery plans to 82,000-83,000 homes. Homebuilders took the hint even with the 10-year yield just two basis points higher.

RH (RH) reversed its Thursday-evening pop and closed 3.9 percent lower at $153.04, a fade that says more about investor patience with luxury-housing exposure than about the beat-and-raise quarter the furniture retailer reported.

Key Macro Data Today

One release mattered, and it surprised in the friendly direction.

The headline beat was the first improvement since February, and the half-point drop in long-run inflation expectations lands four days before the Fed's decision. Survey director Joanne Hsu credited early-June relief at the gas pump, which the Iran headlines may extend.

Notable Earnings This Session

The morning calendar was empty; the session traded Thursday evening's reports instead.

Pre-Open

No S&P 500 companies reported this morning. The day's earnings action came from Thursday's late reporters: Adobe (ADBE), Lennar (LEN), and RH (RH), covered in Top Movers.

Post-Close

Nothing notable was scheduled for tonight. The calendar stays bare until Thursday, when Kroger (KR) and Accenture (ACN) both report ahead of the holiday close.

What Drove the Tape

Friday belonged to a peace deal and a rocket company: a US-Iran agreement that negotiators say could be signed within days, and the largest listing on record clearing the market without a wobble. The first kept crude falling and drained more of the inflation scare out of bonds; the second absorbed tens of billions of dollars of demand and still left every major index higher. Underneath, the rotation favored materials, financials, and the rate-sensitive defensives over the technology groups that did Thursday's heavy lifting. The Michigan survey's slide in long-run inflation expectations gave rate markets one less thing to argue about before Kevin Warsh's first meeting. Small caps outpaced the large-cap averages again, the usual signature of a de-escalation trade, and the Russell 2000 finished at 2,944.