Equities declined on the week as a rotation out of mega-cap stocks weighed on the major indexes. The dominant story was the ongoing U.S.–Iran peace process, with talks in Switzerland producing a 60-day roadmap toward a final deal. However, ceasefire risks resurfaced late in the week after reports of an Iranian attack on a vessel in the Strait of Hormuz, underscoring how fragile the negotiating window remains. On the inflation front, Thursday's PCE report came in at its highest level since 2023, driven largely by elevated energy costs tied to the war, though analysts broadly expect May to mark the peak now that oil prices have pulled back. Separately, the final Q1 GDP revision came in stronger than expected, and jobless claims fell below forecasts, pointing to continued underlying resilience in the economy.