Wall Street on Friday plummeted, giving up all its gains for the week and ending in the red.

The decline was almost single-handedly due to a sharp escalation between Israel and Iran, with both countries trading missile strikes and stoking concerns of an all-out war in the Middle East. Oil prices (CL1:COM)(CO1:COM) spiked over supply worries, while traders flocked to traditional safe-haven asset gold (XAUUSD:CUR).

Aside from geopolitics, this week's spotlight was on some key inflation data and further trade developments with China.

U.S. President Donald Trump on Wednesday declared that a deal with China was "done, subject to final approval" from him and the Asian nation's leader, Xi Jinping. The terms include China providing rare earths to the U.S., a factor that has been a wrangling point in negotiations before.

The May consumer price index and producer price index reports were published this week. Both sets of readings came in softer than anticipated, and, coupled with signs of cooling in the labor market, led traders to raise their Federal Reserve rate cut expectations.

Boeing (BA) was also in the news. One of the U.S. planemaker's Dreamliner jets was involved in a crash in India on Thursday that left hundreds dead.

For the week, the S&P (SP500) slipped -0.4%, while the tech-heavy Nasdaq Composite (COMP:IND) shed -0.6%. The blue-chip Dow (DJI) fell -1.3%. Read a preview of next week's major events in Seeking Alpha's Catalyst Watch.

Seeking Alpha's Calls Of The Week

Weekly Movement

Dow -1.3% to 42,198. S&P 500 -0.4% to 5,977. Nasdaq -0.6% to 19,407. Russell 2000 -1.4% to 2,102. CBOE Volatility Index +24.2% to 20.82.

Consumer Staples -1.1%. Utilities +0.2%. Financials -2.6%. Telecom -0.8%. Healthcare +1.2%. Industrials -1.6%. Information Technology -0.1%. Materials -0.5%. Energy +5.7%. Consumer Discretionary +0.1%. Real Estate -0.2%.

London +0.1% to 8,851. France -1.5% to 7,685. Germany -3.2% to 23,516. Japan +0.3% to 37,834. China -0.3% to 3,377. Hong Kong +0.4% to 23,893. India -1.3% to 81,119.

Crude Oil WTI +13% to $72.98/bbl. Gold +3.2% to $3,452.8/oz. Natural Gas -5.4% to 3.581. Ten-Year Bond Yield -0.2 bps to 4.406.

EUR/USD +1.39%. USD/JPY -0.53%. GBP/USD +0.3%. Bitcoin -0.3%. Litecoin -2.1%. Ethereum +1.2%. XRP -0.6%.

Oracle (ORCL) +24%. APA (APA) +14%. Halliburton (HAL) +13%. ConocoPhillips (COP) +11%. Enphase Energy (ENPH) +11%.

The J. M. Smucker Company (SJM) -14%. PG&E (PCG) -13%. United Airlines Holdings (UAL) -12%. Edison International (EIX) -10%. lululemon athletica (LULU) -10%.

Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section.