US stocks rebound ahead of SpaceX's record-breaking IPO
Major U.S. stock indices are rising on June 11. Despite the fact that wholesale prices in the U.S. in May rose in annualized terms at the highest rate in three and a half years, and U.S. President Donald Trump threatened Iran with new strikes, investors' appetite for risk has not dried up. Market participants are looking for bargains in tech stocks, Reuters writes. MarketWatch notes that tech sector securities are growing ahead of SpaceX's initial public offering.
Details
Against this background, the broad index of American stocks S&P 500 jumped by 0.79%, technological Nasdaq Composite - by more than 1%, the index of "blue chips" Dow Jones is growing by 0.64% (the day before he experienced the worst day since the beginning of the year, June 10, all three major U.S. stock indexes closed in the negative).Shares of chip manufacturers recovered on Thursday after Wednesday's sell-off, notes Reuters: Philadelphia Semiconductor Index adds 4.42%.
Oracle shares in turn collapsed 12% after the company unveiled a capital spending plan for fiscal 2027 that exceeded Wall Street expectations.
Meanwhile, oil prices are falling: August Brent contracts are losing 0.76%, trading at $92.39 per barrel. Futures for U.S. oil Mark WTI are down 0.4% to $89.68.
The VIX Volatility Index, also known as the "Wall Street Fear Index," jumped to nearly 22 points on Thursday amid Trump's threats of new strikes on Iran (any value above 20 indicates heightened nervousness and volatility in the market), but then fell to 20.85 - losing about 6% from the previous close.
What the market is saying
"It [Trump's warning to Iran about new strikes and a possible U.S. takeover of Iranian energy infrastructure] is quite a worrying thought, but we see that the market may have been heavily oversold in the last few days. So we are seeing some upside," Osaic Wealth chief market strategist Phil Blancato commented on the situation to Reuters.
In addition, recalls Reuters, such dynamics of U.S. stocks demonstrate on the background of new macroeconomic data, which recorded a more significant than expected increase in producer prices in the U.S. in May. Against the background of rising energy prices PPI index for final demand rose by 1.1%, while economists surveyed by Reuters expected to see this figure at 0.7%. Thus, the May PPI data recorded the maximum annual growth for three and a half years, the agency points out.
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This article was AI-translated and verified by a human editor
