This content was published on
June 11, 2026 - 22:47
4 minutes
(Bloomberg) — Wall Street powered a rally in stocks as oil sank after President Donald Trump signaled the US is close to a deal with Iran, fueling hopes for an end to the war that has roiled global markets.Equities halted a two-day drop, with the S&P 500 climbing 1.8%. In late hours, US oil slid to around $86, easing worries about inflation and sinking bond yields. A closely watched gauge of chipmakers jumped nearly 8%. SpaceX raised $75 billion, making history with the biggest-ever IPO.Trump pulled back threatened military attacks against Iran, citing “discussions” that “have been brought to the highest level of Iranian leadership” for a negotiated end to the war. He said a signing could take place as soon as this weekend in Europe with Vice President JD Vance in attendance.“We just made a great settlement of the war with Iran, and we’re going to be subject to finalization of documents, we should get done over the next few days,” Trump noted.Another clear signal that Trump has apparently “very little appetite” to escalate the war caused crude prices to drop and gave a fresh boost to risk assets, noted Kyle Rodda at Capital.com.“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,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.Meantime, SpaceX raised $75 billion in the IPO, pricing 555.6 million shares at $135 each. At the IPO price, it has a market value of $1.77 trillion. Accounting for employee stock options and restricted share units, the pricing gives it a fully diluted valuation of about $1.8 trillion.Space Exploration Technologies Corp., as it is officially known, has given the underwriting banks an over-allotment option to buy an additional 83.3 million shares at the IPO price, the statement shows, which would increase the size of the deal to about $86 billion if fully exercised. The IPO drew demand for more than four times the available shares, Bloomberg News reported.“An IPO boom is great for investor confidence and will help boost the entire stock market,” said veteran strategist Louis Navellier. “There is no doubt that we remain in the midst of a FOMO (Fear of Missing Out) market, so the investor stampede is expected to persist.”Corporate Highlights:Adobe Inc. said that its chief financial officer would depart the company, leaving the company without a top tier of veteran leadership after Chief Executive Officer Shantanu Narayen announced in March that he would step aside. Intel Corp. jumped as Bank of America Corp. turned bullish on the chipmaker and upgraded it to a buy rating, citing increased certainty about the company’s ability to succeed in the artificial intelligence era. 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. 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. 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 1.8% as of 4 p.m. New York time The Nasdaq 100 rose 3.3% The Dow Jones Industrial Average rose 1.9% The MSCI World Index rose 1.5% CurrenciesThe Bloomberg Dollar Spot Index fell 0.3% The euro rose 0.4% to $1.1581 The British pound rose 0.4% to $1.3420 The Japanese yen rose 0.5% to 159.82 per dollar CryptocurrenciesBitcoin rose 2.8% to $63,454.97 Ether rose 3% to $1,677.28 BondsThe yield on 10-year Treasuries declined 10 basis points to 4.45% 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 4% to $86.47 a barrel Spot gold rose 3.5% to $4,213.64 an ounce ©2026 Bloomberg L.P.
