Markets are pointing higher Thursday morning after the US carried out another round of strikes on Iran. Investors appeared to take the news in stride, with futures recovering from Wednesday’s sell-off.
Dow Jones futures climbed 410 points, or 0.8%. S&P 500 futures rose 0.8%, and Nasdaq 100 futures jumped 1.1%.
The three major indexes dropped sharply on Wednesday. Wall Street sold off artificial intelligence and tech stocks as worries about inflation and the upcoming SpaceX IPO weighed on sentiment.
LPL Financial’s chief technical strategist Adam Turnquist warned that “technical damage continues to build across the heavyweight technology sector.” He added that oversold conditions and meaningful support have yet to appear.
Stocks had already been under pressure after the US resumed attacks on Iran on Tuesday. Those strikes were described as a response to the downing of an Apache helicopter over the weekend.
President Trump said Wednesday that Iran would be hit “very hard” and would “pay the price” for stalled negotiations. Markets initially reacted badly, with oil prices spiking and concerns rising over whether the Strait of Hormuz would stay closed.
BREAKING: President Trump says the US will be "hitting Iran very hard tonight" and announces that the US will be "taking Kharg Island" in the "not too distant future."
President Trump also says the US will "assume total control" of Iran's oil and gas markets, "much like we have… pic.twitter.com/uvBNjEkE5W
— The Kobeissi Letter (@KobeissiLetter) June 11, 2026
Wholesale inflation for May came in hotter than expected. Producer prices rose 1.1% month-on-month, above the 0.7% estimate.
Year-on-year, headline wholesale prices rose 6.5%, just above the 6.4% forecast. Core wholesale inflation came in at 4.9% year-on-year, which was below estimates.
This data followed Tuesday’s consumer price inflation report, which also showed prices rising faster than expected.
The European Central Bank is widely expected to raise interest rates for the first time in nearly three years. That move could signal further tightening from other central banks, including the Federal Reserve.
The biggest story of the week may be the SpaceX IPO, expected to be the largest in history. The company is set to price Thursday, with its market debut scheduled for Friday.
Oracle reported earnings after the bell Wednesday. Results beat expectations, but the stock fell in after-hours trading due to disappointing cloud sales figures.
Oil prices slipped Thursday despite the fresh US-Iran hostilities. Brent crude was down 0.3% at $92.80 a barrel. The 10-year Treasury yield dipped 2 basis points to 4.54%.
Bitcoin rose 1.6% over 24 hours to $62,583, reflecting improving risk appetite among investors.
The dollar held steady against a basket of major currencies as markets digested the combination of geopolitical tension and inflation data.
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