US stocks closed sharply higher on Thursday, with the S&P 500 up 1.8%, the Nasdaq advancing 2.5%, and the Dow Jones Industrial Average surging 930 points. Sentiment improved as oil prices retreated after President Trump called off planned strikes on Iran, having earlier threatened “very hard” attacks for the evening. He also said a deal had been agreed in principle with several Middle Eastern allies, including Israel, though he provided no details.
Additional support came from a broad rally in technology shares as investors positioned ahead of SpaceX’s anticipated IPO tomorrow. Micron and AMD jumped 11% and 8%, respectively, while Lam Research surged 12.7%. Intel climbed more than 10% after Bank of America upgraded the stock, citing a surge in CPU orders.
In contrast, Oracle fell nearly 9% as investors zeroed in on weaker-than-expected cloud revenue and rising AI infrastructure costs, overshadowing an earnings beat. On the macroeconomic front, producer price index (PPI) data signaled faster price growth in May, reinforcing market expectations that the Federal Reserve will raise interest rates later this year.
