04:45 PM EDT, 06/12/2026 (MT Newswires) -- The Standard & Poor's 500 index rose 0.7% this week as the US edged closer to signing a peace deal with Iran and consumer and wholesale price inflation reports that leaned dovish.

The market benchmark ended the week at 7,431.46. The index is now up 14% quarter-to-date and 8.6% so far in the year.

The US and Iran may sign a peace deal as soon as Sunday, setting the stage for a re-opening of the Strait of Hormuz, according to multiple media reports.

While President Donald Trump fumed at Tehran for the inaccurate state media descriptions of a potential interim US-Iran agreement, Iran's foreign minister reportedly said a deal had been reached "on a majority of issues" and negotiators are in the final stage of internal deliberatioins.

The core Producer Price Index grew slower than forecast in May on a month-over-month and a year-earlier basis. The core Consumer Price Index also came in cooler than expected on a monthly basis while the year-earlier print was in line.

The probability of 25-basis-point increases in September, October, and December was lower on Friday than a week earlier, according to the CME FedWatch tool. The Fed is widely expected to remain on hold in June and July.

The materials sector rose the most this week, up 3%, followed by a 2.6% gain in consumer staples and a 2% rise in financials.

Shares of International Flavors & Fragrances ( IFF ) ended the week 7.2% higher at $78.27, the fifth-biggest gainer in materials. Benchmark initiated the company with a buy rating and a $100 price target. Late last month, International Flavors & Fragrances ( IFF ) agreed to sell a majority stake in its food ingredients unit to private equity firm CVC Capital Partners in a deal worth roughly $4.3 billion.

Casey's General Stores (CASY) shares surged more than 17% this week, the top performer in consumer staples, after the convenience store operator reported better-than-expected fiscal Q4 results.

The two S&P 500 sectors that declined this week were communication services and energy.

Meta Platforms ( META ) completed an operational separation from AI startup Manus and cut off data sharing amid pressure from Chinese authorities to reverse the $2 billion deal, Bloomberg reported Thursday, citing people familiar with the matter. Alphabet (GOOGL, GOOG) unit Google's ( GOOG ) YouTube ( GOOG ) and Meta (META) were denied a new trial after a jury found that the companies were liable for designing social media platforms that are addictive to young people, Reuters reported Wednesday.

Shares of Meta and Alphabet were down 4.4% and 2.4%, respectively, this week, among the steepest decliners in communication services.

Next week, Accenture (CAN) and Kroger ( KR ) are among the companies reporting their quarterly results. The US stock market will be closed on Friday for Juneteenth.

Economic data due next week includes the Fed's interest-rate announcement, building permits and housing starts, and retail sales.