This content was published on
June 11, 2026 - 01:24
6 minutes
(Bloomberg) — Oil jumped and US stock futures retreated after American forces launched fresh strikes on Iran, reigniting a conflict that has upended global markets.West Texas Intermediate crude climbed 3.1% to almost $93 a barrel after the US military launched strikes on multiple targets in Iran for a second straight day. S&P 500 futures fell 0.4% and Nasdaq 100 contracts lost 0.8% after the underlying gauges both dropped during the US session, with tech stocks rattled by a renewed selloff. Asian shares were also primed for losses.Elsewhere, gold extended losses to around $4,040 an ounce on concerns elevated oil prices will lead to higher interest rates. The dollar was a touch stronger against most Group-of-10 currencies. Treasury futures also fell as geopolitical tensions increased with Iran saying the Strait of Hormuz was closed to all types of vessels.The latest strikes threaten to add a new source of market volatility and further strain the supply of oil. Even after Wednesday’s softer-than-expected inflation data offered a brief reprieve, traders continued to price in higher US rates while a selloff in richly valued technology shares raised doubts about the durability of the record rally in equities.“Investors remain skittish despite being thrown a lifeline by the inflation figures,” said Chris Beauchamp, chief market analyst at IG. “It is now a case of ‘once bitten, twice shy’ – no one wants to go charging in to buy the dip yet, which suggests more of a drift lower for the time being, though leaving the overall trend intact.”US Central Command said it had began what it called the “additional self-defense strikes” at 5:15 p.m. New York time on Wednesday.The attacks, which followed strikes on Tuesday in retaliation for the downing of a US Apache helicopter, underscored President Donald Trump’s growing impatience that the two sides have so far failed to reach an agreement.They also reinforced the view that an April ceasefire has effectively collapsed, despite the absence of a return to the large-scale bombing campaign seen at the start of the conflict.“Markets retain a suspicion that this will be another brief episode of sound and fury signifying not much, so a degree of caution in positioning seems warranted,” said Sean Callow, a senior analyst at ITC Markets in Sydney.In the US, shares of chipmakers and other AI infrastructure companies, this year’s biggest winners, fell for a second day Wednesday. Chip bellwether Nvidia Corp. dropped 3.7%, Broadcom Inc. dropped 5.1%, while Super Micro Computer slid 28% after unveiling plans for a $7 billion equity raise. Oracle Corp. shares slipped in extended trading after reporting quarterly capital expenses that were higher than estimates.Elsewhere, the yen held near 160.55 per dollar with Bank of Japan Governor Kazuo Ueda hospitalized. He is expected to miss next week’s policy meeting, the central bank said. Investors continue to expect the BOJ to lift its policy rate to the highest level since 1995, with Ueda’s absence seen having little impact on the decision after several board members signaled support for a hike since the last gathering.Meanwhile, the core consumer price index, which excludes food and energy prices, increased 0.2% from April, under the 0.3% consensus forecast among economists polled by Bloomberg.Bond traders maintained bets that the Fed will raise rates by the end of the year. While Treasury yields initially dipped after the data on Wednesday, they resumed climbing with oil prices later in the session. Interest-rate swaps showed traders are still fully pricing in a rate hike by December.“It’s clear that rate cuts are off the table, and while there is chatter about a potential rate hike, we believe it’s unlikely that we’ll see a rate hike before the midterm elections,” wrote Skyler Weinand, chief investment officer at Regan Capital.Corporate Highlights:SpaceX’s initial public offering has attracted orders worth more than four times the shares on offer, according to people familiar with the matter. The company is selling 555.6 million shares at $135 apiece, a deal that would raise about $75 billion and value the company at roughly $1.8 trillion. Super Micro Computer Inc. sank after the company announced a plan to raise $7 billion through a package of equity offerings, a move meant to help pay for the production of more AI servers. Shares of several large trucking companies plunged after Amazon.com Inc. announced an expansion of its shipping service that has already shaken the transportation and logistics sector and unsettled investors. JPMorgan Chase & Co., Barclays Plc and Fifth Third Bancorp won dismissal of a fraud lawsuit filed by holders of notes issued by Tricolor Holdings, the bankrupt subprime auto lender. Some of the main moves in markets:StocksS&P 500 futures fell 0.6% as of 8:19 a.m. Tokyo time Hang Seng futures rose 0.1% S&P/ASX 200 futures fell 0.8% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1527 The Japanese yen was little changed at 160.56 per dollar The offshore yuan was little changed at 6.7845 per dollar The Australian dollar fell 0.2% to $0.6988 CryptocurrenciesBitcoin fell 0.8% to $61,221.76 Ether fell 1.1% to $1,610.8 BondsAustralia’s 10-year yield advanced three basis points to 4.92% CommoditiesWest Texas Intermediate crude rose 3.9% to $93.52 a barrel Spot gold fell 1.1% to $4,028.57 an ounce This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
