Quick overview

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U.S. stocks showed mixed performance on Friday, as the fragile truce between the United States and Iran was partly offset by an inflation reading that came in better than expected.

In this context, the Dow Jones Industrial Average fell 0.56% to 47,916.33 points, the S&P 500 declined 0.13% to 6,816.11, while the Nasdaq Composite managed to rise 0.35% to 22,902.89.

As the conflict in the Middle East continues to dominate the global agenda, March’s CPI report became the focal point for markets.

According to the U.S. Bureau of Labor Statistics, the headline index rose 0.9% month-on-month, in line with expectations. On an annual basis, inflation increased 3.3%, slightly below the 3.4% forecast.

However, the most notable development was the sharp surge in energy prices, which jumped 10.9% month-on-month, the largest increase since September 2005. In particular, gasoline prices soared 21.2%, pushing the national average above $4 per gallon, a level not seen in more than three years.

By contrast, core CPI—which excludes food and energy—showed a more moderate trend. It rose 0.2% month-on-month (vs. 0.3% expected) and 2.6% year-on-year (vs. 2.7% projected).

“This relief could prove temporary,” warned Jake Dollarhide, CEO of Longbow Asset Management, noting that pressure from energy and food prices, combined with geopolitical uncertainty, continues to keep investors on edge.

Geopolitics: Fragile truce and lingering risks

The international backdrop remains a key driver for markets. Despite diplomatic progress, the Middle East ceasefire remains fragile.

Israel has opened contacts to negotiate with Lebanon, though attacks on Hezbollah targets have continued, putting a broader agreement at risk.

Officials in Iran warned that further escalation could complicate negotiations with the United States, while disruptions persist in the Strait of Hormuz—a crucial chokepoint for global oil supplies.

At the same time, President Donald Trump said the U.S. is prepared to resume military action if talks fail. “We’ll know in about 24 hours,” he said.

Consumer warning signs and mixed market signals

On the economic front, a survey from the University of Michigan showed a sharp deterioration in sentiment: consumer confidence fell 11% in April to 47.6, far below expectations.

Still, some assets found support in hopes of a potential de-escalation in the conflict, helping maintain a degree of optimism in the market.

Notable stock moves

Among the most significant moves of the day:

• CoreWeave fell 2% after announcing AI agreements with Meta Platforms (+0.2%) and Anthropic (+11%).
• Cloudflare plunged 13% amid cybersecurity concerns.
• Palantir Technologies slipped 1.8%, though it trimmed losses after mentions by Donald Trump.
• Amazon rose 2%, extending its weekly rally after a letter from its CEO.