Stocks on Track for Positive Week Amid Peace Hopes
Published as of: June 12, 2026, 9:14 a.m. ET
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| The markets | Last price | Change | % change |
|---|---|---|---|
| S&P 500® Index | 7,394.30 | +127.31 | +1.75% |
| Dow Jones Industrial Average® | 50,848.75 | +929.97 | +1.86% |
| Nasdaq Composite® | 25,809.66 | +640.16 | +2.54% |
| 10-year Treasury yield | 4.48% | +0.02 | -- |
| U.S. Dollar Index | 99.85 | -0.03 | -0.01% |
| Cboe Volatility Index® | 19.44 | -0.00 | Unch |
| WTI Crude Oil | $85.36 | -$2.35 | -2.68% |
| Bitcoin | $63,485 | -$190 | -0.29% |
(Friday market open) Stocks extended yesterday's gains, tracking for a positive week, on news a peace deal might be near that would lift oil sanctions on Iran and reopen the Strait of Hormuz. Wall Street initially edged up but then wavered amid conflicting reports of when a deal might be signed. Crude oil fell 2% to near $85 per barrel, above its earlier two-month lows. Major indexes remain down for the month amid rate hike worries and tech shares slid approaching the opening bell.
Today is light on earnings but does bring preliminary June University of Michigan Consumer Sentiment at 10 a.m. ET. Consensus is for a rebound to 46, from 44.8 last month, but still near recent record lows. Inflation expectations are a key component to monitor. Next week features rate-setting meetings from both the Federal Reserve and the Bank of Japan (BoJ). The Fed is expected to keep rates paused at the first meeting for new Chairman Kevin Warsh. The BoJ appears likely to hike, according to a Reuters poll of analysts.
Stocks climbed sharply Thursday on peace hopes in high-volume trading. Nine of 11 sectors gained, led by cyclicals like materials and industrials that often thrive in an improving economy. Tech rebounded nearly 3% after Wednesday's loud thud, and discretionary stocks also performed well. Treasury yields eased to one-week lows Thursday near 4.45% for the 10-year note. Besides hopes for peace, slightly lighter-than-expected core Producer Price Index (PPI) data might have aided Treasuries, which move the opposite of yields.
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Three things to watch
- SpaceX Goes Public: Shares of the Elon Musk-helmed company are anticipated to go public today. The IPO is priced at $135 per share and seeks to raise $75 billion though the sale of 555.56 million shares. If accomplished, it would value the company at $1.77 trillion and make it the biggest IPO ever—not to mention one of the 10 most-valuable companies in the U.S. overall. In addition to its space technology arm that includes Starlink satellite internet, the SpaceX universe is home to xAI, parent of X (formerly Twitter) and Grok. Investors should know it can take several hours after market open until the new listing begins trading and early trading can be volatile. In addition, highly anticipated offerings like SpaceX may be delayed until later in the trading day. Once trading begins, quotes will update in real time on order trade tickets, watchlists, and charts.
- "Could be worse" department: Oil prices have puzzled many since the war started. They're up more than 30% but remain below 2008 and 2022 peaks three months into the biggest supply disruption in history. U.S. crude topped out at $112 per barrel in early April, well below the $145 peak in 2008—equivalent to $227 in today's money. What might explain it? First, China has cut oil imports by several million barrels a day as of May, likely tapping into strategic reserves to make up the shortfall. Second, refineries are processing about five million fewer barrels a day than before the war, perhaps because of weaker demand for fuels and petrochemicals, according to Bloomberg. And despite the "closure" of the strait, an estimated 2 million barrels are now flowing through it each day—only 10% of the pre-war level, but every bit helps. Other factors include higher output in the U.S. and the tapping of strategic reserves here and elsewhere. And then there's President Trump's repeated claims, made over many weeks, that a deal with Iran is imminent. On Thursday afternoon, WTI Crude Oil (/CL) fell about 4% in 15 minutes after Trump called off attacks on Iran, saying a deal was close, with "time and place of the signing to be announced shortly."
- Market concentration risk: The tech sector's recent swoon puts the spotlight on an important touchstone for investors: The value of the S&P 500 Index increasingly reflects the ups and downs of a handful of its members. This makes it less valuable as a tool to measure market performance, and investors may want to check the S&P 500 Equal Weight Index (SPXEW) for a better understanding of what's happening under the surface, as it weighs all components equally rather than by market capitalization. By early this week, 10 S&P 500 stocks represented nearly 40% of the index's value, The Wall Street Journal noted. All 10 have some connection to AI. "A majority of the earnings growth for 2026 is narrowly focused in the tech sector, accounting for nearly half of U.S. expected earnings growth," said Michelle Gibley, director of international equity research and strategy at the Schwab Center for Financial Research (SCFR). "Market returns have also been concentrated on the tech sector and industrial companies that participate in the AI build out. The economic outlook is improving, which means cyclical sectors such as financials, industrials, energy and materials could also do well, making an allocation to international stocks a potential diversification buffer to AI-concentrated portfolios."
On the move
- Adobe (ADBE) fell more than 7% early today, though earnings released after the close Thursday topped consensus. Guidance from the software firm also exceeded the FactSet average estimate, but investors may have been disappointed at news the company's chief financial officer is leaving for a chip company. Two analysts downgraded shares, one of them citing what they believe is continued growth deceleration and limited medium-term catalysts.
- Lennar (LEN) fell 1% after reporting mixed quarterly results late Thursday. Earnings surpassed the average estimate, but revenue came in a bit short and down 5.2% year-over-year. New orders fell 4% year over year to 21,749 homes but deliveries rose 2% from a year earlier.
- Advanced Micro Devices (AMD) rose 2.4% after getting upgraded to buy from neutral at Citigroup. The firm says the company's graphics processing unit upside isn't fully priced into shares.
- Chip and AI-related names were mixed this morning, with pressure on ASML (ASML), Super Micro Computer (SMCI) and Marvell Technology (MRVL). SMCI remained down after sagging earlier this week on news of a $7 billion equity raise.
- Rocket Lab (RKLB) surged 5.7% in early trading on news shares are being added to the Nasdaq-100® (NDX). Astera Labs (ALAB) is also being added and climbed 5.6%. CoreWeave (CRWV), another addition, is up 5%.
- Gold (/GC) climbed 2% and silver (/SI) surged 5% on ideas that an end to the war would ignite industrial demand. Materials firms including U.S. Rare Earth (USAR), Freeport-McMoRan (FCX), and MP Materials (MP) were all up 2% or more.
- Zillow Group (Z) fell 5% Thursday on worries Alphabet (GOOGL) could be more competitive. Google said Thursday that its mobile search results will now include home listings, Barron's reported.
- The latest AAII Investor Sentiment Survey showed bearish sentiment roaring back to 47.7% in the week ending June 10, up more than 10 percentage points. Bullish sentiment fell to 30.4%, the lowest in three months. Sometimes rising bearish sentiment can be a contrarian indicator.
More insights from Schwab
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Meme coin primer: Meme coins, a form of cryptocurrency, usually originate from an internet meme or as a satirical joke. Given their origin, meme coins can be highly volatile and carry significant downside risk. Schwab's latest analysis looks at how these speculative assets work.
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Chart of the day
Data sources: S&P Dow Jones Indices. Chart source: thinkorswim® platform.
Past performance is no guarantee of future results.
For illustrative purposes only.
The S&P 500 Index (SPX—candlesticks) rebounded yesterday after falling to near its 50-day moving average near 7,230 (blue line). An area to watch below that on future pullbacks could be 7,118 (red line), which marks the first Fibonacci retracement level of the March-through-June rally. The Relative Strength Index (RSI—lower chart), a momentum indicator, has fallen from above 70 to around 50 this month, and is no longer in overbought territory.
The week ahead
June 15: May industrial production.
June 16: Start of FOMC meeting, BoJ rate decision, May housing starts and building permits.
June 17: FOMC rate decision, May retail sales and pending home sales, and expected earnings from CarMax (KMX).
June 18: Expected earnings from Accenture (ACN) and Kroger (KR).
June 19: U.S. markets closed for Juneteenth holiday.