04:51 PM EDT, 06/13/2025 (MT Newswires) -- US equity indexes fell as Israel's strike against Iran mainly drove the decline this week, outweighing the gains from earlier in the week when soft inflation prints lifted bets in favor of interest-rate cuts.

* The S&P 500 closed at 5,976.97 on Friday versus 6,000.36 a week ago. The Nasdaq Composite stood at 19,406.83 compared with 19,529.95, and the Dow Jones Industrial Average was at 42,197.79 versus 42,762.87.

* Israel's military warned "all of Israel is under fire" after Tehran launched retaliatory strikes on Friday, CNN reported. Iran confirmed firing "hundreds of various ballistic missiles" at Israel, calling it the "beginning" of its "crushing response." WTI crude oil futures surged 8% intraday.

* In economic news, the producer price index rebounded less than expected in May, following a surprise sequential deceleration in the headline consumer price inflation last month.

* The CME's FedWatch tool showed a 23% probability that the Federal Reserve will cut the target range for its federal funds rate by 25 basis points, ending its policy pause. That likelihood stood at 16% a week ago. In September, the chances of the cut stood at 57%, versus 52% a week earlier. The probability of a 50 basis-point slash in September climbed to 14% from 9% a week ago.

* Trump reportedly turned the heat on Federal Reserve Chair Jerome Powell. Trump claimed that lowering rates by two percentage points would save the US $600 billion per year, "but we can't get this guy to do it."

* US and Chinese negotiators said they've agreed on a framework to implement an agreement reached at talks in Geneva, Switzerland. Trump said he plans to impose import tariffs on countries that failed to agree to new trade deals.

* Tesla (TSLA) stands to benefit from a reconciliation between CEO Elon Musk and President Donald Trump as the electric vehicle maker prepares to launch its Robotaxi service later this month, Wedbush Securities said in a client note Wednesday. Shares were up about 11% this week.