Stock market today: Dow, S&P 500, Nasdaq futures rise after US completes fresh round of Iran strikes
US stocks climbed after the US struck Iran in a major escalation of the war, setting up for a rebound from the market's latest sell-off as investors weighed the latest moves in the conflict. The Dow Jones Industrial Average ( ^DJI ) and benchmark S&P 500 ( ^GSPC ) both rose roug
US stocks climbed after the US struck Iran in a major escalation of the war, setting up for a rebound from the market's latest sell-off as investors weighed the latest moves in the conflict.
The Dow Jones Industrial Average ( ^DJI ) and benchmark S&P 500 ( ^GSPC ) both rose roughly 0.6%, while the Nasdaq Composite ( ^IXIC ) climbed by a slightly stronger 0.7%.
The US's latest round of strikes ended swiftly, leading investors to hope once again that the conflict would soon be resolved, and oil ( CL=F , BZ=F ) prices had ticked lower after whipsawing higher Wednesday night.
Some of those losses reversed, however, on Thursday morning, after President Trump said the US would be striking Iran again Thursday night , seizing control of Kharg Island, and taking "total control" of the country's energy sector, raising anxieties of a potential ground invasion.
The renewed military activity and fresh threats set markets up for a difficult day on Wednesday. Stocks dove and oil jumped amid signs the Strait of Hormuz would remain closed for the foreseeable future. The day's downbeat sentiment was exacerbated by the latest inflation report , which showed prices rising rapidly.
Meanwhile, after the bell, Oracle ( ORCL ) reported earnings results that beat expectations, but the company's stock sank on disappointing cloud sales.
Wholesale inflation for May came in higher than expected , the Bureau of Labor Statistics reported Thursday, right on the heels of May's consumer prices inflation report . Producer prices rose 1.1% in May over the previous month, above estimates of 0.7%. Year-on-year, headline wholesale prices rose by 6.5% in May, above estimates of 6.4%. Core wholesale inflation came in at 0.4% month-on-month and 4.9% year-on-year, both below estimates.
Elsewhere on the economic data calendar, initial jobless claims for the week ended June 6 rose to 229,000, outpacing expectations of 220,000 claims. Continuing claims also rose to 1.795 million.
