Wall Street Today: DJIA, S&P 500, Nasdaq Comp Rise on Peace Hopes and Gains for MU, MRVL, INTC, AMD

The Nasdaq Composite, S&P 500 and Dow-30 rose Thursday after U.S. President Donald Trump canceled threatened Iran military strikes and Sandisk, Marvel, Intel, Micron and other techs rebounded as the sector continued alternating between up and down sessions.

The $Nasdaq Composite Index (.IXIC.US)$ gained 640.16 points (2.5%) to a 25,809.66 close, while the $Dow Jones Industrial Average (.DJI.US)$ rose 929.97 ticks (1.9%) to 50,848.75 and the $S&P 500 Index (.SPX.US)$ added 127.31 points (1.8%) to 7,394.30.

Much of the session's gains came in the afternoon New York time after Trump announced he had called off air strikes against Iran that he had said earlier Thursday were coming.

The president said on social media that he canceled the actions because all sides had "approved" a deal to end the three-month-old U.S.-Israel-Iran War.

"Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others. ... Time and place of the [deal's] signing to be announced shortly."

He later told reporters that the two sides could initial the peace deal within days.

That helped send $Crude Oil Futures (AUG6) (CLmain.US)$ falling on the New York Mercantile Exchange from a $93.64-a-barrel session high earlier Thursday (up 4%) to $86.37 a barrel at last check, down 4.1% on the day.

Stock markets tend to favor lower oil prices, which reduce the risk of inflation, higher interest rates and a weaker global economy.

Oil's decline added to Thursday's overall positive tone for stocks.

Big Techs had already been rising even before Trump's announcement as the sector extended a multiday run of seeming to rise and fall on alternate days.

Tech stocks have been moving up and down ever since several of them hit all-time highs last week.

Large techs have been trading choppily as investors try to determine whether the theme of investing in AI's build-up remains intact or not.

Tech names to see significant percentage gains included $SanDisk (SNDK.US)$ (14.5% better), $Micron Technology (MU.US)$ (11.7% better), $Credo Technology (CRDO.US)$ (up 11.4%), $Arm Holdings (ARM.US)$ (11.3% stronger) and $Marvell Technology (MRVL.US)$ (ahead 11.1%).

Other Big Techs to enjoy smaller percentage increases included $Intel (INTC.US)$(up 9.3%), $IREN Ltd (IREN.US)$ (ahead 10.1%), $Advanced Micro Devices (AMD.US)$ (8% stronger) and $Tesla (TSLA.US)$(which added 4.6%).

Such gains helped offset large losses for software giant $Oracle (ORCL.US)$, which fell 8.5% after announcing plans to issue $20 billion of new shares and debt to finance its artificial-intelligence build-out.

Markets could get some fresh insight into AI build-out thesis on Friday, when billionaire Elon Musk's $SpaceX (SPCX.US)$ expects to go public at about a $1.8 trillion valuation – instantly making it one of the world's most valuable companies.

SpaceX not only operates a space-launch business, but also owns Musk's AI firm xAI.

Meanwhile, Wall Street got mixed news before the bell on U.S. inflation.

The Labor Department said wholesale inflation as measured by the Producer Price Index rose 1.1% in May, exceeding the 0.7% that economists had expected.

However, the "core" PPI – which excludes volatile food and energy prices – came in at 0.4%, trailing experts' 0.5% forecast.

Stock investors generally prefer low-inflation readings, which can pave the way for the Federal Reserve to cut interest rates. Lower rates typically make equities more attractive than bonds or money-market accounts to many investors.

Moo-vers

The "Magnificent Seven" stocks followed the broader market on Thursday and mostly gained ground.

$Tesla (TSLA.US)$led the way higher, rising by an aforementioned 4.6%. Other Mag-7 names to rise included $NVIDIA (NVDA.US)$ (2.2% stronger), $Apple (AAPL.US)$(up 1.4%), $Amazon (AMZN.US)$ (1.5% better) and $Alphabet-A (GOOGL.US)$ (which added 0.4%).

However, two Mag-7 stocks fell: MSFT (down 1.8%) and META (off 0.5%).

Beyond the Mag-7, stocks to see noteworthy percentage declines Thursday included:

-- Certain oil-company stocks, which fell on lower petroleum prices. Decliners included $Exxon Mobil (XOM.US)$ (off 2.7%), $Chevron (CVX.US)$ (2.1% lower) and microcap $Battalion Oil (BATL.US)$ (which lost 31.1%).

Conversely, stocks to see major percentage gains on Thursday included:

-- Select space stocks, which have been trading up and down in recent weeks on multiple catalysts, from SpaceX's upcoming IPO to a May 28 explosion of a rocket owned by billionaire Jeff Bezos' privately held firm Blue Origin. Thursday's gainers included $Redwire (RDW.US)$ (up 14.9%), $Tema Space Innovators ETF (NASA.US)$ (12.8% better), $AST SpaceMobile (ASTS.US)$ (ahead 11.7%) and $Rocket Lab (RKLB.US)$ (which gained 9.3%).

-- $Bloom Energy (BE.US)$, up 6.3%. BE partly rebounded from a 9.8% decline it suffered on Wednesday amid reports that privately held cloud-infrastructure firm Crusoe is pausing work on a data center that BE had planned to supply with fuel cells.

Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.

Before investing in an ETF, you should read both its summary prospectus and its full prospectus, which provide detailed information on the ETF's investment objective, principal investment strategies, risks, costs, and historical performance (if any). You can find prospectuses on the websites of the financial firms that sponsor a particular ETF, as well as through your broker. Investment returns will fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. ETFs are subject to market volatility and the risks of their underlying securities, which may include the risks associated with investing in smaller companies, international securities, commodities, fixed income, and more. An ETF may trade at a premium or discount to its net asset value (NAV).

962K Views