Despite increasing consumer pessimism over inflationary impacts of tariffs, simmering conflicts in the Middle East, and continuing political volatility, the major markets were all up for the week.

U.S. equities ended mixed last week as investors weighed fresh signs of economic softness and heightened geopolitical tensions against a Federal Reserve that struck a cautious but steady tone.

Volatility returned to markets last week as rising geopolitical tensions collided with key inflation data. The S&P 500 fell -0.36%, the Dow dropped -1.3%, and the Nasdaq declined -0.61%, with the pullback driven largely by concerns over the Israel preemptive air strike targeting roughly 100 sites across Iran.

U.S. equities extended their rally last week, lifted by optimism around global trade talks and a stronger-than-feared May jobs report. The S&P 500 gained 1.5%, the Dow Jones rose 1.17%, and the Nasdaq added 2.18%, while small-cap stocks led the way with the Russell 2000 surging 3.19%.

U.S. equity markets notched further gains in last week’s holiday shortened trading despite continued volatility in trade headlines including a key judicial ruling on President Trump’s tariff authority, which sparked sharp market swings.