US close: Stocks surge as Trump cancels Iran strikes, says peace deal imminent

11th Jun 2026 22:14

(Sharecast News) - US stocks rebounded strongly from a five-week low on Thursday after Donald Trump called off further strikes on Iran, claiming that a peace deal between the two nations could be signed within the coming days.

"We just made a great settlement of the war with Iran, and we're going to be subject to finalisation of documents, which should get done over the next few days," Trump said shortly after lunchtime, causing oil prices to drop and Wall Street stocks to rally ahead of the closing bell.

The Dow surged 1.9%, the S&P 500 gained 1.8% and the Nasdaq jumped 2.5%.

Trump said a signing ceremony, attended by vice president JD Vance, could take place over the weekend, with the documents in a "pretty final shape", adding that the Strait of Hormuz "will officially open as soon as we sign, which could be soon, very soon."

Earlier in the day, Trump threatened to hit Iran "very hard tonight" and vowed to take Kharg Island "in the not too distant future", aiming to secure a major oil terminal of the Gulf nation, causing oil prices to briefly rise. However, by the end of play, Brent was down 2.9% at $90.38 a barrel, while WTI dropped 2.6% to $87.71 a barrel.

The developments were enough to overshadow rising concerns about inflation after BLS data showed that US wholesale inflation picked up in May. The annual change in the producer price index jumped to 6.5% from 5.7% the month before, though largely a result of surging energy prices. Core PPI inflation, however, still accelerated to 5.1%, marking the largest annual rise since October 2022.

Also on the macro front, US initial jobless claims rose by 4,000 to 229,000 over the week to 6 June, firmly ahead of market expectations of a decrease to 219,000. Continuing claims slipped by 24,000 to 1.79m, while the four-week moving average, which aims to strip out week-to-week volatility, increased by 4,750 to 1.78m.

In equity news, chip stocks Micron, AMD and Intel were all high risers, with the sector's recovery coming as investors looked ahead to SpaceX's blockbuster debut on Friday. Some economists have suggested that recent chip weakness reflected portfolio reshuffling ahead of what will be the largest IPO on record at a valuation of around $1.8trn.

Intel was also being lifted by a double upgrade from Bank of America, which lifting its rating on the stock from 'underperform' to 'buy'.

Tech sentiment was tempered, however, by a sharp drop in Oracle, which slid 9% after unveiling plans to raise a further $20bn in equity and debt to support its AI investment programme. Underwhelming forward guidance for FY27 was also overshadowing record fourth-quarter results from the software and cloud infrastructure outfit released the previous evening.

Dow Jones - Risers

Intel Corp. (INTC) $116.96 6.43%

Boeing Co. (BA) $221.63 6.04%

Caterpillar Inc. (CAT) $897.63 4.84%

Nike Inc. (NKE) $45.96 4.55%

Goldman Sachs Group Inc. (GS) $1,035.64 3.43%

Amgen Inc. (AMGN) $354.06 2.51%

Home Depot Inc. (HD) $326.01 2.22%

Cisco Systems Inc. (CSCO) $121.83 2.21%

Apple Inc. (AAPL) $295.63 2.16%

Walt Disney Co. (DIS) $100.34 1.75%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $390.34 -3.05%

Salesforce.Com Inc. (CRM) $166.45 -2.62%

Chevron Corp. (CVX) $185.82 -2.10%

Dow Chemical Co. (DOW) $33.63 -1.78%

Coca-Cola Co. (KO) $82.53 -1.27%

Visa Inc. (V) $319.05 -1.21%

Procter & Gamble Co. (PG) $148.34 -0.48%

Unitedhealth Group Inc. (UNH) $405.55 -0.47%

Johnson & Johnson (JNJ) $238.33 -0.07%

Verizon Communications Inc. (VZ) $46.94 -0.02%

S&P 500 - Risers

Alaska Air Group Inc. (ALK) $46.66 11.95%

International Paper Co. (IP) $34.95 9.73%

Kohls Corp. (KSS) $17.32 9.14%

KLA-Tencor Corp. (KLAC) $2,411.64 9.07%

Lam Research Corp. (LRCX) $362.52 8.27%

Carnival Corp. (CCL) $28.12 8.20%

Macy's Inc. (M) $25.04 8.12%

Albemarle Corp. (ALB) $159.06 8.04%

Micron Technology Inc. (MU) $995.87 8.03%

Applied Materials Inc. (AMAT) $552.64 7.78%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Oracle Corp. (ORCL) $184.10 -8.53%

Autodesk Inc. (ADSK) $205.57 -7.73%

Adobe Systems Inc. (ADBE) $218.80 -7.69%

Intuit Inc. (INTU) $276.91 -4.87%

News Corp Class A (NWSA) $26.30 -4.62%

Devon Energy Corp. (DVN) $44.61 -4.27%

News Corp Class B (NWS) $30.13 -4.14%

Akamai Technologies Inc. (AKAM) $132.46 -3.95%

Gartner Inc. (IT) $148.81 -3.94%

Nasdaq 100 - Risers

KLA-Tencor Corp. (KLAC) $2,411.64 9.07%

Lam Research Corp. (LRCX) $362.52 8.27%

Micron Technology Inc. (MU) $995.87 8.03%

Applied Materials Inc. (AMAT) $552.64 7.78%

Asml Holdings N.V. (ASML) $1,899.48 6.60%

Intel Corp. (INTC) $116.96 6.43%

American Airlines Group (AAL) $14.65 6.12%

Starbucks Corp. (SBUX) $102.28 5.23%

Western Digital Corp. (WDC) $529.29 5.06%

Seagate Technology Plc (STX) $868.09 4.61%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Autodesk Inc. (ADSK) $205.57 -7.73%

Adobe Systems Inc. (ADBE) $218.80 -7.69%

Workday, Inc. (WDAY) $130.53 -6.77%

Intuit Inc. (INTU) $276.91 -4.87%

Biomarin Pharmaceutical Inc. (BMRN) $55.54 -4.55%

Baidu Inc. (BIDU) $116.11 -3.98%

Meta Platforms Inc. (META) $568.43 -3.73%

Cognizant Technology Solutions Corp. (CTSH) $51.18 -3.62%

Gen Digital Inc. (GEN) $23.94 -3.35%