On Friday, June 9, 2023, major U.S. stock indices saw gains, with the S&P 500 rising by 0.50%, the Dow Jones increasing by 0.70%, and the Nasdaq 100 climbing 0.64%. This upward trend followed optimism regarding U.S.-Iran negotiations, with potential plans for an interim peace agreement that could reopen the Strait of Hormuz and address significant issues like sanctions and $24 billion of frozen assets. However, Iran’s leadership has yet to finalize their stance on the proposed deal.
WTI crude oil prices fell by 3.23% amid these developments, while the University of Michigan’s June Consumer Sentiment Index rose to 48.9, surpassing expectations of 46.0. Meanwhile, the markets account for only a 4% chance of a 25 basis point interest rate hike at the Federal Open Market Committee meeting on June 16-17. European indices also saw gains, including a 2.16% rise in the Euro Stoxx 50.
SpaceX debuted on the stock market with shares closing at $161, a 19% increase from its IPO price of $135, indicating strong demand. Chip-related stocks rallied significantly due to increased AI spending, with the iShares Semiconductor ETF rising 1.59%, while airline stocks also gained with Southwest Airlines, United Airlines, and American Airlines all increasing by more than 2%.
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