Wall Street climbed on Thursday as U.S. stock indexes surged alongside a sharp drop in oil prices after President Trump signed a preliminary U.S.-Iran deal aimed at ending the conflict. The S&P 500 rose, the Dow added gains, and the Nasdaq 100 outperformed, while June futures pointed higher, reinforcing a risk-on tone across equities as investors reassessed near-term inflation expectations.
Semiconductor stocks led the advance, even as some IT services names fell following earnings-related outlooks. At the same time, bond-market moves reflected softer energy-driven inflation expectations, though demand for Treasuries remained constrained by the equity rally.
Key takeaways
- Stocks rose broadly: The S&P 500 was up about 0.73%, the Dow up about 0.53%, and the Nasdaq 100 up about 1.62%.
- Oil fell on U.S.-Iran de-escalation: WTI crude dropped more than 2% to a 3.5-month low after the White House signed a memorandum extending the U.S.-Iran ceasefire.
- Semiconductors outperformed: Intel jumped more than 8% after Trump said the company would work with Apple to design and produce chips domestically.
- Growth and rates traded together: Treasury yields moved lower as declining crude pressured inflation expectations.
- Earnings and guidance drove dispersion: Accenture slid after forecasting Q4 revenue below consensus, while airline and cruise stocks gained as lower fuel costs improved outlooks.
What drove the market higher
Risk sentiment improved after President Trump signed a preliminary agreement related to ending the U.S.-Iran war, sending crude prices lower and easing inflation expectations. Investors also appeared to focus on the near-term implications for energy supply and shipping activity in the Persian Gulf.
WTI crude oil fell more than 2% to a 3.5-month low. The deal, signed in Paris, formally extended the U.S.-Iran ceasefire for 60 days, which the report said allows the Strait of Hormuz to reopen and begins a new round of negotiations aimed at a permanent end to the conflict. Market commentary also highlighted the potential release of tankers currently stuck in the Persian Gulf, which could increase inventories and reduce upward pressure on oil prices.
In equities, chipmakers powered the rally. The day’s standout was Intel, which climbed more than 8% after Trump said the company would partner with Apple to design and produce semiconductors domestically. The semiconductor ETF SOXX rose more than 4% to a new record high, with additional strength across several large and mid-cap semiconductor names.
Market reaction: who won and who lost
The move was not uniform across sectors, with earnings outlooks and industry-specific sensitivities determining performance. Airline and cruise stocks benefited from the oil slide as lower fuel costs can improve profitability expectations. Royal Caribbean Cruises rose more than 4%, while Alaska Air Group, Southwest Airlines, and Carnival gained more than 3%. United Airlines, Norwegian Cruise Line, American Airlines, and Delta Air Lines were also higher.
Meanwhile, IT services stocks underperformed. Accenture fell about 16% after it forecast Q4 revenue of $17.75 billion to $18.40 billion, which was below consensus of $18.47 billion, according to the article. The report linked the weaker forecast to broader concerns that consulting work could face pressure from AI over time. Cognizant Technology Solutions and Huron Consulting Group also declined more than 7%.
Other company-specific factors added to the day’s dispersion. The article noted Centrus Energy surged more than 8% on a letter of intent related to supplying domestic high-assay low-enriched uranium for power generation. Talen Energy rose after Goldman Sachs initiated coverage with a buy recommendation and a stated price target. Integra LifeSciences advanced after an upgrade to buy, while Novocure fell sharply after its Phase 3 TRIDENT trial did not meet its primary endpoint, as described in the report.
Macro signals and the bond market
U.S. economic data offered additional support for equities. Weekly initial unemployment claims fell by 4,000 to 226,000, close to expectations of 225,000, and the June Philadelphia Fed business outlook survey rose by 10.7 to 10.3, exceeding the expected 10.0.
In rates, the decline in crude oil appeared to weigh on inflation expectations. The article said September 10-year Treasury note futures were up slightly on the day while the 10-year yield was down about 4.8 basis points to 4.430%. It also cited a slide in the 10-year inflation expectations rate to a 6-month low of 2.218%, attributing support to the lower oil backdrop.
However, the bond rally had limits as the equity rebound curtailed safe-haven demand. The article also pointed to carryover effects from a prior Fed decision that, it said, lifted the Fed’s 2026 core PCE estimate and projected higher interest rates later in the year.
Elsewhere in global rates, European yields moved higher. The report said the 10-year German bund yield and the 10-year UK gilt yield both rose slightly. An ECB governing council member, Martin Kocher, said consumer prices would remain higher for some time in the euro zone despite a Middle East ceasefire, and that the ECB is prepared to act to ensure inflation returns to the 2% target. In the UK, the Bank of England kept its official bank rate unchanged at 3.75% and said it stands ready to act on inflation; the report added that Governor Andrew Bailey described the crude price drop as encouraging while warning about unpredictability and the risk that energy prices stay elevated.
What investors will watch next
With the market navigating a period that the article described as potentially more volatile due to options, futures, and derivatives expiration tied to “triple witching,” investors will likely focus on whether today’s oil-driven inflation repricing persists into the next session. The next catalyst in the timeline is policy and data: the report referenced expectations around the July 28–29 FOMC meeting and upcoming regional and U.S. economic releases.
On the corporate calendar, the article listed Accenture and Kroger for earnings on 6/18/2026. Investors will watch for guidance that could confirm or challenge the day’s broader narrative—lower energy costs supporting cyclicals, semiconductors benefiting from domestic production messaging, and IT services facing concerns tied to AI-related disruption.
