At 12.30 p.m., the Nasdaq Composite (NASDAQINDEX:^IXIC) was up 1.44% to 26,394.71, leading a broad rebound. The S&P 500 (SNPINDEX:^GSPC) gained 1.03% to 7,496.48, and the Dow Jones Industrial Average (DJINDICES:^DJI) rose 0.35% to 51,672.64 after a landmark geopolitical agreement bolstered sentiment.
In the past 24 hours, gold prices fell 0.8% to $4,224.71, and the 10-Year Treasury yield fell 0.52% to 4.434%. Technology stocks led the gainers, while industrials trailed the market.
Today’s biggest moves
Intel shares surged following reports of a chip-manufacturing partnership with Apple, while Advanced Micro Devices gained on an analyst price-target hike. Conversely, Space Exploration Technologies dropped more than 6% as post-IPO momentum cooled following its recent record-breaking market debut.
What this means for investors
The U.S. and Iran signed an interim memorandum of understanding to end hostilities and reopen the Strait of Hormuz. The news shifted investor focus away from yesterday’s Federal Reserve meeting, as oil prices fell and optimism grew leading into the Juneteenth holiday.
The Nasdaq led the session’s recovery, as artificial (AI) infrastructure demand remained robust, though investors are braced for volatility. In what’s become known as a triple witching day, the third Friday of June marks the quarterly expiration for stock options, stock-index futures, and stock index options. With U.S. markets closed tomorrow, the final hours of trading today could be choppy.
Looking ahead, markets are weighing shifts in consumer spending against the strong earnings backdrop. There’s a concern that economic and labor resilience could be obscuring the inflationary pressures households face.
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