MARKET SNAPSHOT
U.S. stocks rose and oil prices fell as fears about a return to full-blown war in Iran subsided. Treasury yields declined as President Trump said Tehran is seeking a deal, easing fears of an escalation. Gold and silver futures settled higher. The U.S. dollar weakened.
MARKET WRAPS
EQUITIES
U.S. stocks rose as fears about a return to full-blown war in Iran subsided, bringing down oil prices and quelling inflation expectations.
The Dow Jones Industrial Average rose 0.3%. The S&P 500 gained 0.8%. The tech-heavy Nasdaq Composite increased 1.3%.
The moves followed President Trump's comments Wednesday that Iran called him seeking a deal, signaling that at least one, if not both, countries would prefer to end the fighting that has broken out this week. The U.S. and Iran exchanged fire again Wednesday night, with Washington saying it struck 90 military targets.
With tensions potentially softening, traders are turning back to the AI trade ahead of the debut of SK Hynix's U.S.-listed shares Friday. The South Korean chip giant was expected to price its offering later Thursday.
The PHLX Semiconductor Index added 3.1%, led by shares of ARM Holdings, Micron and Marvell.
Earlier Thursday, markets in Asia ended mixed.
South Korea and Japan both ended higher after the recent heavy selloff. The Kospi gained 0.6% and the Nikkei Stock Average rose 1.4%.
China's Shanghai Composite Index rose 1.7%, the Shenzhen Composite Index jumped 2.2%, and the ChiNext Price Index climbed 4.5%.
Hong Kong's Hang Seng Index fell 0.7%. The city welcomed Apple supplier Luxshare Precision Industry's trading debut Thursday, which marked Hong Kong's largest IPO so far this year. However, Luxshare had a tepid debut.
Australia's S&P/ASX 200 Index declined 0.3%.
New Zealand's S&P/NZX 50 Index rose 0.9%.
COMMODITIES
Oil futures retreated on hopes the U.S. and Iran could go back to talks after the current flare-up and exchange of strikes.
Reports that Iran's foreign minister spoke with other regional leaders and Pakistani mediators raised hopes for a return to negotiations.
"It appears the Iranians are reaching out to everybody who negotiated the original cease-fire deal in an effort to walk back the current state of affairs and get to some new normal that will kickstart negotiations and at the same time open the Strait of Hormuz to something approaching normal levels," Robert Yawger of Mizuho.
"I look for a return to negotiations in coming days, and back to the threat of an oversupplied crude oil market shortly thereafter," Yawger added.
WTI settled down 2% at $72.08 a barrel and Brent fell 2.2% to $76.30.
Gold and silver futures settled the day higher in response to a shifting outlook toward inflation through the second half.
According to minutes released by the Federal Reserve Wednesday, the Fed says that it foresees inflation rising, while the labor market shows weakness. This creates an environment where cutting the interest rate could become a possibility this year, according to the Fed. Lower interest rates are supportive for precious metal futures.
"[There's] potential for renewed tightening if inflation persists," Rhona O'Connell of StoneX said in a note.
Front-month gold closed up 1.5% to $4,130.60 a troy ounce, while silver added 3.8% to finish at $60.378 a troy ounce.
TODAY'S TOP HEADLINES
Fed's Williams Says Inflation Still Too High, Expects Retreat in Energy Prices
NEW YORK-New York Federal Reserve President John Williams said oil prices should eventually retreat and that inflation poses the larger risk to the Fed's dual mandate.
Speaking at an event at the New York Fed on Thursday, Williams said inflation remains "far too high" and that the labor market appears stable.
Earlier this week, rising oil prices reignited inflation fears after President Trump said the ceasefire with Iran was over. Prices have since leveled off following Trump's statement Wednesday that Iran contacted him seeking a deal.
Fed Names Leaders of Warsh's Task Forces
The Federal Reserve named more than a dozen external advisers to lead five task forces that will re-examine how the central bank operates, drawing mainly on well-respected academics with deep ties to establishment policymaking circles.
Among the advisers: Greg Mankiw, a former top adviser in the George W. Bush administration, Nobel laureate Thomas Sargent, and Doug McMillon, former chief executive of Walmart. There are also some wild cards, including three movers and shakers from the world of artificial intelligence who will serve on a task force on the job market.
The task forces, announced by Fed Chairman Kevin Warsh during his first press conference last month, are the leading edge of a reform effort Warsh has pledged for the central bank. He has said his priorities include reducing the Fed's presence in financial markets, pulling back on guidance about future policy moves, and rethinking how the Fed uses statistics to understand the economy.
SK Hynix listing on Nasdaq may become the second-largest equity offering ever - trailing only SpaceX's
Friday's new listing of SK Hynix American depositary receipts SKHY on Nasdaq could represent the second-largest equity offering ever.
If lead underwriters Goldman Sachs, Citi, Bank of America and JPMorgan were to price the deal in line with the closing price in Seoul on Thursday, it would place the transaction second only to SpaceX's SPCX in terms of the amount raised at $25.7 billion.
That figure would exceed the IPOs of both Saudi Aramco SA:2223 in 2019 ($25.6 billion) and Alibaba's BABA debut in 2014 ($25 billion) but would raise far less than the $29 billion the company originally hoped to generate before the Korean market entered technical bear territory.
'Expectations on Every Calorie:' How PepsiCo's CEO Is Navigating GLP-1s and Inflation
Gas prices are squeezing consumers' wallets. Weight-loss drugs are squeezing their appetites. The food and beverage industry is feeling it all.
PepsiCo Chief Executive Ramon Laguarta, though, sees new opportunities for one of America's biggest beverage and snack companies, from portion control to heightening mental focus. Earlier this year, PepsiCo lowered prices on snacks such as Doritos and Lay's, which has driven a rebound in sales volumes, though with less profit.
The Wall Street Journal spoke with Laguarta, who is originally from Spain, about what consumers are willing to pay for these days, why PepsiCo is testing automated trucks, and World Cup drama. Here are edited excerpts of the conversation.
NY Attorney General Sues 3M, Others Over 'Forever Chemicals'
New York's attorney general sued a group of major chemical and agricultural companies on Thursday, alleging they deceived consumers about the risks of toxic chemicals in their products.
The lawsuit by Attorney General Letitia James targets 3M, Chemours, and DuPont de Nemours, as well as EIDP and its parent Corteva. The companies marketed products containing a group of chemicals called polyfluoroalkyl substances-often called PFAS or "forever chemicals"-while knowing they posed risks to consumers and the environment, James said.
PFAS chemicals are able to persist in the environment for years without breaking down, according to The Wall Street Journal. Studies have linked PFAS to several health problems, including high cholesterol, a lower immune response to vaccines, and a higher risk of kidney cancer, per the Journal.
Expected Major Events for Friday
04:01/MAL: May Labour Force Statistics
07:30/THA: Weekly International Reserves
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(END) Dow Jones Newswires
July 09, 2026 16:53 ET (20:53 GMT)
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