Volatility was back on Wall Street, with the VIX surging above 20 for the first time since late April. Yet stocks clawed back losses by Friday, putting the S&P 500, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), in positive territory for the week as a U.S.–Iran deal moved within reach.

Inflation Heats Up Ahead of Fed Meeting

Inflation piled on the pressure.

In May, the Consumer Price Index recorded a 4.2% year-over-year increase, the hottest inflation since April 2023, with energy up 23.5% on the year.

Producer inflation also shocked at 6.5%, the largest annual jump since November 2022.

The Federal Reserve meets on June 17, the first meeting under new Chair Kevin Warsh. The bond market is fully pricing in a rate hike by year-end.

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SpaceX Stages The Biggest IPO In History

Friday belonged to Elon Musk.

Space Exploration Technologies Corp. (NASDAQ:SPCX) debuted on ...