Stocks Climb as Trump Signals US-Iran Deal Is Near: Markets Wrap

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June 11, 2026 - 20:22

5 minutes

(Bloomberg) — Wall Street powered a rebound in stocks as oil fell after President Donald Trump canceled planned strikes against Iran and signaled a deal is near, fueling hopes for an end to the war.Equities halted a two-day slide, with the S&P 500 rising over 1%. US oil sank to around $87, easing concerns about inflationary pressures and driving bond yields lower. A 5.5% rally in a closely watched gauge of chipmakers added to optimism after a recent selloff. Traders also geared up for SpaceX’s historic debut in what’s expected to be a major test of investor appetite for artificial intelligence-related companies.“I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,” Trump posted on social media.Trump on Thursday cited what he said were “discussions” that “have been brought to the highest level of Iranian leadership” surrounding a negotiated end to the war. He said that a “time and place of the signing” would “be announced shortly,” without providing further details.“While the path toward a resolution is likely to be uneven, our base case is that diplomacy ultimately prevails, allowing investors to refocus on resilient economic fundamentals and robust earnings growth in both the US and Europe,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.Meantime, retail investors bidding for shares in SpaceX’s IPO have submitted more than $100 billion in orders, according to people familiar with the matter. The company is expected to allocate at least 20% of the available shares to the cohort, the people said.Few companies have generated as much buzz ahead of their market debuts as SpaceX, which is set to raise about $75 billion in what could become the largest initial public offering in history. Part of that is by design. Elon Musk’s courtship of his die-hard followers since Tesla Inc.’s early days has given him rock-star status and lent a gravity-defying quality to the car company’s stock.Short seller James Chanos said SpaceX’s blockbuster public debut is being driven more by investor enthusiasm for Musk and AI than by financial fundamentals, arguing the company’s valuation is difficult to justify on any reasonable business assumptions.Speaking ahead of the company’s highly anticipated IPO, Chanos described the deal as a key test of market sentiment as investors pour money into speculative growth stories.“The massive SpaceX IPO is coming this week and appears to be heavily oversubscribed,” said veteran strategist Louis Navellier. “The success of the offering may have a meaningful impact on the tech market’s plans for further IPOs later in the year. Betting against Elon Musk has not worked well in the past.”Corporate Highlights:Oracle Corp. sank after the company reported quarterly capital expenses that were higher than estimates, raising investor concerns about the profitability of the AI infrastructure business. Intel Corp. jumped as Bank of America Corp. turned bullish on the chipmaker and upgraded it a buy, citing the increased certainty about the company’s ability to succeed in the artificial intelligence era. OpenAI is considering significant price cuts for its services in anticipation of similar cost reductions from rival Anthropic PBC, according to people familiar with the matter, hinting at the possibility of a pricing war in the lead-up to their expected public offerings. OpenAI has agreed to acquire Ona, a startup that offers cloud services to support artificial-intelligence agents, part of a bid by the AI developer to make its technology more useful for businesses. Eaton Corp. agreed to merge its mobility business with Dana Inc. in a deal valuing the combined company at roughly $10 billion including debt. Some of the main moves in markets:StocksThe S&P 500 rose 1.3% as of 2:21 p.m. New York time The Nasdaq 100 rose 2.4% The Dow Jones Industrial Average rose 1.6% The MSCI World Index rose 1.1% CurrenciesThe Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.2% to $1.1559 The British pound rose 0.2% to $1.3397 The Japanese yen rose 0.3% to 160.07 per dollar CryptocurrenciesBitcoin rose 2.9% to $63,517.87 Ether rose 3.5% to $1,685.99 BondsThe yield on 10-year Treasuries declined nine basis points to 4.46% Germany’s 10-year yield declined four basis points to 3.03% Britain’s 10-year yield declined three basis points to 4.90% CommoditiesWest Texas Intermediate crude fell 3.1% to $87.24 a barrel Spot gold rose 2.2% to $4,160.81 an ounce ©2026 Bloomberg L.P.