Traders work on the floor of the New York Stock Exchange (NYSE) in New York City.
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U.S. stocks rose on Thursday as semiconductor stocks rebounded following recent pressure after President Donald Trump announced he was calling off a planned strike against Iran this evening.
of S&P500 rose 1.1%, but Nasdaq Composite Added 1.5%. of Dow Jones Industrial Average It rose by 738 points (1.5%). At its peak, the Dow Jones Industrial Average rose 895 points, or 1.8%.
“Based on the fact that consultations with the Islamic Republic of Iran have been brought to the highest levels of Iranian leadership and approved, as President of the United States, I have canceled the attacks and bombings scheduled for this evening against Iran,” the president said in a post on Truth Social.
“The discussions and final points were approved, both in concept and detail, by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt and others. The naval blockade will remain in full force and effect until this transaction is completed, and the time and place of signing will be announced shortly,” he continued.
West Texas Intermediate Crude Oil Futures After President Trump’s announcement, the price fell 3% to around $86 per barrel. brent crude oil futures also fell 3% to about $89 per barrel.
Markets were on edge earlier in the day as oil prices rose after President Trump said in another social post that the US would attack Iran “very hard” tonight. “At some point in the not-too-distant future, we will occupy Kharg Island and other oil infrastructure sites and take complete control of the oil and gas market,” he said.
“Markets don’t seem to be fazed” by the Middle East conflict, said Thomas Martin, senior portfolio manager at Globalt Investments. “The inflation reports we have don’t show that the high oil prices are actually spilling over into other areas. So the fundamentals of the economy remain pretty strong. It’s very much the status quo for the market.”
The producer price index rose 1.1% in May, the Bureau of Labor Statistics said Thursday. This was higher than the 0.7% expected by economists compiled by Dow Jones. Core inflation, which excludes volatile food and energy prices, was 0.4%, lower than the Dow Jones forecast of 0.5%.
The rally gave momentum to the market. micron technology, advanced micro device and intel. of iShares Semiconductor ETF Increased by 6%. Chip ETFs are under pressure again this week after Friday’s 10% plunge, leaving many investors wondering if the sector’s parabolic run is over. Intel was upgraded to buy from underperform by Bank of America on Thursday, and the stock responded with a 7% rise.
Enthusiasm is building ahead of SpaceX’s debut on Friday, which could highlight the expected growth in AI development. Some traders believe the recent slump in chips is due to investors selling their portfolios of stocks ahead of the IPO, which would be the biggest debut in history at a valuation of about $1.8 trillion.
Still, Thursday wasn’t all positive news for the tech industry. shares of oracle Shares fell 11% as the software giant announced plans to raise an additional $20 billion in equity and debt to prepare for its artificial intelligence expansion.
Stocks fell on the front end due to further declines in the semiconductor sector and rising tensions with Iran.
