Wall Street week ahead: Spotlight on Federal Reserve rate decision, retail sales, Middle East, G7 summit

Wall Street faces a shortened trading week with focus on the FOMC rate decision under new Fed Chair Kevin Warsh, alongside May retail sales, housing starts, and Philadelphia Fed manufacturing data. Geopolitical risks from the G7 summit in France and Middle East developments remain on watch, while US markets will be closed Friday for Juneteenth. In the prior week, the S&P 500 rose 0.6%, Dow gained 0.7%, and Nasdaq added 0.7%, supported by a sharp drop in crude oil prices on optimism over a US-Iran diplomatic breakthrough, with Brent settling at $87.33 and WTI at $84.88 per barrel.