In trading today, the S&P 500 Index is up 0.99%, the Dow Jones Industrial Average has increased by 0.61%, and the Nasdaq 100 Index has surged 2.16%. This rise is attributed to President Trump’s announcement on Wednesday night of a preliminary deal to end the US-Iran war, which has driven crude oil prices down to a 3.5-month low. The drop in oil prices, which are down more than 3%, has also lowered the 10-year T-note yield to 4.43%.
Key economic data released today includes a 4,000 decrease in weekly initial unemployment claims to 226,000, and a rise in the June Philadelphia Fed business outlook survey by 10.7 points to 10.3, which exceeded expectations. The markets are currently adjusting for the quarterly expiration of options and futures known as triple witching.
Amid these developments, chipmaker stocks are leading the market, with Intel climbing over 7% following the announcement of a partnership with Apple for domestic semiconductor production. Conversely, IT service stocks are struggling, exemplified by a 15% decline in Accenture after it issued a disappointing Q4 revenue forecast.
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