SpaceX Record IPO, Hot Inflation: Week On Wall Street - SpaceX (NASDAQ:SPCX), State Street SPDR S&P 500 E

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.