Week Thoughts: Enjoy the Peace

Market expectations for returning to more of a hot war with Iran seem low, fatigue related to geopolitics seems high. Oil prices did finally stop going down this week, with the first weekly gain for oil prices since early June, but the breakdown of discussions and the ceasefire and strikes and counterstrikes did not spark much of a reaction by the end of the week. Energy stocks outperformed the S&P 500, but technology stocks did better. Outside of that, most sectors were down this week, so the breadth was not there despite a positive week for the S&P 500. That backdrop helped Midstream trade up and beat the S&P 500 on average.