Evening Market Recap - Thursday, 11-Jun

Why It Matters

The risk‑on rally reflects reduced geopolitical premium and a tilt back to growth and cyclicals, while softer core inflation and a tailed long‑bond auction keep investors watchful about the supply‑and‑rates outlook ahead of major IPOs and hefty Treasury issuance.

Summary

US stocks rallied Thursday, led by a 2.5% jump in the Nasdaq and broad gains across semiconductors, machinery, aerospace and small caps, reversing two days of losses and leaving the S&P 500 and Nasdaq on track for weekly gains. Markets cheered de‑escalatory developments in US‑Iran talks — including reports of a draft agreement and President Trump calling off a planned strike — while oil fell and Treasuries rallied with long yields down 6–8 bps. Economic data were mixed: May PPI surprised to the upside month‑over‑month but core PPI softened, and a $22bn 30‑year Treasury auction tailed modestly amid heavy supply. Corporate headlines included Oracle’s beat and large FY27 capex and financing plans, AI pricing and data‑center headlines for OpenAI/Anthropic, and a busy slate of earnings and M&A moves impacting individual stocks.

Original Description

Stocks were up, oil was down, yields were down, and the VIX was down after Trump said tonight's bombing of Iran was cancelled and that Tehran had approved a draft agreement that would extend ceasefire. Big tech was mostly better though MSFT was a drag.