US stocks log weekly gains as US rate cut bets mount

US stocks closed slightly lower on today's trading after a volatile session as a result of geopolitical concerns about tensions in the Middle East, but Wall Street notched weekly gains on markets' prospects that the Federal Reserve will cut interest rates either at the July meeting or at September.

US President Donald Trump said that he had canceled the decision to launch an airstrike on Iranian sites only 10 minutes before he was informed of the possibility of more than 150 casualties.

Trump confirmed that he is not in a rush to attack Iran after it shot down a US unmanned aircraft over the Strait of Hormuz.

The energy sector rebounded on the back of the rising oil prices, with West Texas rising by 0.6% to $57.43 per barrel, recording a weekly gain of 9.4%, with a high of $57.9 and a low of $56.6.

Brent also rose 1.1% to close at $65.20 per barrel, posting weekly gains of 5.1%, with a high of $65.7 and a low of $64.

At the end of the trading session, Dow Jones fell 0.1% (34 points) to 26,719 points and recorded weekly gains of 2.4%, reaching a high of 26,907 points and a low of 26,706 points.

Standard & Poor's shed 0.1% (3 points) and reached 2,950 points, hitting a 2.2% weekly gain, while the highest level was at 2,964 points and the lowest at 2,946 points.

Nasdaq fell by 0.2% (19 points) to 8,031 ​​points, posting a 3% weekly gain, with a high of 8,073 points and a low of 8,011 points.