Stocks climb, oil drops as Trump calls off strikes on Iran
President Trump posted on Truth Social that he was calling off impending air strikes against Iran and told reporters in the Oval Office that the US and Iran will sign a peace deal soon. Oil plunged on the news.
The S&P 500, Nasdaq 100, and Russell 2000 surged after President Trump posted on Truth Social that he was calling off impending air strikes against Iran and told reporters in the Oval Office that the US and Iran will sign a peace deal soon. Oil plunged on the news.
Energy was the worst-performing sector while materials and industrials were the best performers, followed by tech.
Wholesale inflation was hotter than expected as the Producer Price Index rose by 1.1% in May, ahead of the 0.7% analysts were anticipating.
Stocks that moved higher:
Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and Frontier all surged as oil sank.
Royal Caribbean, Norwegian Cruise Line, and Carnival jumped alongside airlines as falling oil prices lifted fuel-sensitive travel stocks.
FedEx, UPS, XPO, and Old Dominion Freight climbed, as freight companies also benefit from lower oil prices.
Intel surged after Bank of America upgraded the stock to “buy” from “underperform.”
Novo Nordisk climbed after its Wegovy pill received approval from the UK’s health regulator.
AMC climbed after raising $150 million amid a box office surge that boosted theater traffic.
Stocks that moved lower:
Oracle fell after its earnings report as investors questioned whether its aggressive spending would create a debt problem.
Exxon, ConocoPhillips, and Occidental Petroleum dipped as oil prices fell sharply on the de-escalation news with Iran.
Alibaba, JD.com, and PDD Holdings slipped as a Beijing regulator cracked down on misleading promotion claims tied to China’s annual June 18 shopping festival, referred to as “618.”
XPeng hit a 52-week low as Chinese regulators warned about an intensifying EV price war.
