Equity markets closed the week with the S&P 500 recording a third consecutive weekly gain, buoyed by softening interest rate expectations even as volatile energy prices—driven by the ongoing U.S.-Iran standoff in the Strait of Hormuz—tempered broader enthusiasm. Within the corporate landscape, Berkshire Hathaway signaled a strategic shift by elevating Alphabet to a top-three position while expanding interests in the housing and airline sectors. Merger activity remained robust, with Paramount satisfying regulatory conditions for its Warner Bros. Discovery deal and reports emerging of advanced acquisition talks between Stripe, Advent, and PayPal. Geopolitical tensions intensified as the U.S. began gauging NATO allies' alignment with the Trump administration's foreign policy, while reports suggest Iran’s economy may be nearing a point of severe collapse under the current U.S. blockade. Meanwhile, in the technology sector, regulatory and public pressure is yielding tangible changes, exemplified by Flock Safety slashing its data retention policies following a surge in public and jurisdictional resistance, and Citigroup CEO Jane Fraser advocating for a finalized Crypto Clarity Act to bring regulatory stability to digital assets.