The Major Markets had a choppy but resilient week, with a number of major indices hovering near record highs despite geopolitical uncertainty and rising oil prices. The Nasdaq Composite resumed its top spot last week, adding 1.5%. The S&P 500 added half a percent with both benchmarks hitting fresh all-time new highs.

Early weakness was driven by tensions around U.S.–Iran negotiations, which pushed crude higher and triggered some profit-taking. Oil prices stayed elevated throughout the week, adding pressure and contributing to volatility alongside shifting geopolitical headlines.

However, overall market sentiment improved midweek after a ceasefire extension, despite additional reports about Iran seizing ships. That said, market leadership remained narrow. Equal-weight indices like the S&P 500 EWI and the Dow lagged, reflecting uneven participation beneath the surface.

Earnings season played a major role, with strong results driving upside. As of Friday, 28% of S&P 500 Companies have reported their earnings with 84% of those companies seeing a positive EPS surprise.  Meanwhile, weaker guidance in some software and consumer names led to sharp sell-offs. This created a highly selective environment with big divergences between winners and losers.

Overall, stocks showed resilience, supported by solid earnings and AI-driven growth, but investors remain cautious amid high energy costs, narrow leadership, and ongoing geopolitical risk.