Stock Market Today, June 11: Micron, Intel, and Nvidia Lead Rebound and SpaceX IPO Approaches
The S&P 500 (SNPINDEX:^GSPC) rose 1.75% to 7,394.30, the Nasdaq Composite (NASDAQINDEX:^IXIC) jumped 2.54% to 25,809.66, and the Dow Jones Industrial Average (DJINDICES:^DJI) climbed 1.86% to 50,848.75 as a de-escalation of U.S.-Iran tensions lead a broad rebound.
Market movers
Memory stocks surged today as Micron Technology bounced almost 12% to erase this week’s losses and Sandisk gained 14%. An analyst upgrade boosted Intel by 10%. Nvidia was also in the green, as semiconductors spearheaded the tech recovery.
In what’s becoming a common occurrence for AI hyperscalers, Oracle tumbled despite an earnings beat as investors digested its guidance and spending plans. Lam Research increased on renewed AI‑hardware demand optimism.
What this means for investors
Stocks recovered today as renewed hopes for a U.S.-Iran peace deal ended a two-day selloff. Even hotter-than-expected wholesale inflation data didn’t dampen investor enthusiasm. May’s Producer Price Index rose 1.1% in May, taking the annual rate to 6.5%.
President Trump said he’d canceled tonight’s planned strikes on Iran and that negotiations were progressing. WTI crude oil fell back below $90 a barrel, and U.S. Treasury yields dropped. The stock rebound is a good reminder of how quickly markets can change direction, and underscores the importance of staying invested.
What promises to be a record-breaking IPO from SpaceX tomorrow dominated headlines. The company announced it would sell 555.6 million shares at $135 each, raising $75 billion and valuing it at a whopping $1.77 trillion. While individual investors are considering whether to buy SpaceX, there’s a broader liquidity concern on Wall Street — as investors might reduce exposure to other megacap techs to free up cash for the rocket-AI-communications stock.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Intel, Lam Research, Micron Technology, Nvidia, and Oracle. The Motley Fool has a disclosure policy.
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