NEW YORK - Wall Street’s major indexes ended sharply higher on June 11, with stocks extending gains after US President Donald Trump said he had cancelled planned strikes against Iran, and on the eve of the market debut of Elon Musk’s SpaceX.Hours before the expected strikes, Trump said on Truth Social that negotiations with Tehran had advanced to the highest levels of Iran’s leadership and had been okayed by a broad coalition of regional powers.Oil prices dropped sharply, while stocks added to their rebound from the prior session’s selloff. On June 10, major Wall Street indexes fell more than 1 per cent and the S&P 500 Technology Index confirmed a correction.“Our technical indicators are looking relatively oversold here,” said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. “Just as we had gone up too far, too fast, we came down too far, too fast.”According to preliminary data, the S&P 500 gained 126.86 points, or 1.75 per cent, to end at 7,393.85 points, while the Nasdaq Composite gained 637.78 points, or 2.53 per cent, to 25,801.47.The Dow Jones Industrial Average rose 928.72 points, or 1.84 per cent, to 50,847.50.On June 11, SpaceX priced the biggest-ever US initial public offering at US$135 a share, making Musk’s rocket and spacecraft manufacturer one of the world’s most valuable companies.The IPO raised a record US$75 billion (S$96 billion) on the sale of 555.56 million shares. It valued the company at US$1.77 trillion, a record for an initial offering.SpaceX shares are expected to begin trading on June 12.The S&P 500 has pulled back since hitting a record closing high in early June. The Middle East conflict has stoked inflationary pressures.Still, Oracle shares plunged after the company projected capital spending plans for fiscal 2027 above Wall Street estimates.Feeding inflation worries, data showed US producer prices increased more than expected in May, leading to the largest annual gain in over three years.Separately, the number of Americans filing claims for unemployment benefits increased marginally last week.The Federal Reserve is widely expected to hold interest rates steady at its policy meeting next week, with investors pricing in at least one 25 basis point rate hike by the end of the year. REUTERS