S&P 500 Falls 0.31% Despite Iran Deal Hopes

On June 12 the S&P 500 slipped 0.31% as optimism for a near-term U.S.-Iran agreement failed to fully offset lingering inflation concerns. The index had surged from 6,812 on May 27 to a record 7,553.68 on June 4 before reversing on the back of May CPI at 4.2% YoY and fresh U.S.-Iran strikes. A 1.62% drop on June 10 gave way to a rebound on June 11 after Washington declared strikes complete, but renewed selling pressure returned the following session amid sticky energy-driven inflation and geopolitical uncertainty.