While the week ended essentially flat, volatility remained elevated as the prior week’s selloff extended amid escalating tensions in the Middle East. Sentiment improved later in the week after reports indicated both parties had agreed to a ceasefire framework. Wednesday’s CPI report offered some relief as shelter inflation moderated in May, though headline inflation continued to edge higher on elevated energy prices. Thursday’s PPI report reinforced signs of rising pipeline pressures, with higher energy costs gradually feeding into raw materials, transportation, and core goods prices. Meanwhile, declining trade margins in May suggest corporations may still be absorbing part of these costs, delaying a broader pass-through to consumers. Separately, Friday marked the launch of SpaceX, with the stock rallying 19.2%, implying an approximate $2.1 trillion valuation.