Wall Street experienced a surge in volatility as the VIX rose above 20 for the first time since late April. Despite this, stocks managed to recover losses by the end of the week, leading the S&P 500 – tracked by the SPDR S&P 500 ETF Trust (NYSE: SPY) – to end the week positively. The market saw optimism as a potential U.S.–Iran deal came closer. Inflation also made headlines, with the Consumer Price Index reporting a 4.2% year-over-year increase in May, the highest since April 2023, with energy up 23.5% on the year. Producer inflation spiked at 6.5%, marking the largest annual jump since November 2022. The Federal Reserve, under new Chair Kevin Warsh, is set to meet on June 17, with the bond market fully pricing in a rate hike before the year ends. Elon Musk's Space Exploration Technologies Corp. (NASDAQ: SPCX) made waves with the biggest IPO in history.