Full Market Coverage HereMajor Indexes Approach Record Highs Despite Middle East Concerns
The stock market today continues its upward momentum as major indexes edge higher, with the S&P 500 approaching record territory. As of Thursday’s close, the S&P 500 rose 0.4% to 6,045.26, sitting less than 2% below its all-time high. The Dow Jones Industrial Average gained 0.2% to 42,967.62, while the Nasdaq Composite added 0.2% to 19,662.48.
Investors are navigating a complex landscape of cooling inflation data, strong corporate earnings, and escalating geopolitical tensions in the Middle East. Early Friday premarket movers indicate caution, with futures pointing lower after Israel launched a military strike on Iran overnight, sending oil prices surging and triggering a rush to safe-haven assets.
Inflation Data Boosts Rate Cut Expectations
Thursday’s economic reports provided a boost to markets today, with wholesale inflation coming in better than expected. This follows Wednesday’s consumer price index report showing inflation rose less than anticipated in May despite concerns about the impact of tariffs.
The favorable inflation data has strengthened expectations for Federal Reserve interest rate cuts later this year, with Treasury yields falling in response. Investors are now closely watching next week’s Federal Reserve meeting, though no rate change is expected at this time.
Oracle Leads Market Gains on AI-Powered Cloud Growth
The standout performer in Thursday’s session was Oracle (ORCL), which surged 13.31% to $199.86 after reporting better-than-expected quarterly results and providing an optimistic outlook for its AI-related cloud services.
Oracle expects total revenue to reach at least $67 billion for fiscal 2026, with cloud infrastructure growth accelerating from 52% to approximately 70%. The company also plans to double its number of data centers from 23 to 47, signaling confidence in continued strong demand for AI computing resources.
“Oracle has entered an entirely new wave of enterprise popularity that it has not seen since the Internet era in the late 90s,” noted analysts at Piper Sandler, highlighting the company’s transformation into a major cloud competitor.
GameStop Plunges as Meme Stock Volatility Returns
In contrast to Oracle’s gains, GameStop (GME) plummeted 22.45% to $22.14 on Thursday, marking one of the most significant declines among actively traded stocks.
Other notable premarket movers for Friday include MP Materials (MP), which gained 13.88%, and Tonix Pharmaceuticals (TNXP), which fell 8.43%.
Tech Sector Shows Mixed Performance
Major technology companies displayed mixed performance on Thursday. Nvidia (NVDA) managed to gain 1.52% to $145.00, continuing its remarkable run as the leading AI chip provider. However, Tesla (TSLA) declined 2.23% to $319.11, though the electric vehicle maker has recovered most of the ground lost after last week’s sell-off sparked by tensions between CEO Elon Musk and President Trump.
Other tech giants including Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), and Meta Platforms (META) saw slight declines in Thursday’s session.
Boeing Faces Pressure After Air India Incident
Boeing (BA) shares dropped approximately 4% on Thursday, leading S&P 500 decliners after an Air India 787-8 carrying more than 200 passengers crashed shortly after takeoff in India. The incident also affected shares of GE Aerospace (GE), which supplied the plane’s engine, down more than 2%, and Boeing supplier Spirit AeroSystems (SPR), which declined 3%.
Geopolitical Tensions and Trade Developments
The market news today is heavily influenced by two significant geopolitical developments. First, Israel’s military strike on Iran has sent oil prices surging, with crude oil futures up 6.88% to $72.72 per barrel.
On a more positive note, U.S. and Chinese officials have reached the framework for a trade agreement that still requires final approval from President Donald Trump and China’s Xi Jinping. This development has contributed to the S&P 500 approaching record highs earlier this week, though Friday’s geopolitical tensions may temporarily overshadow trade optimism.
Looking Ahead: Key Events to Watch
As investors navigate the stock market live developments, several key events loom on the horizon. The Federal Reserve’s meeting next week will be closely watched for signals about the timing of potential rate cuts. Markets have already priced in multiple cuts for the second half of the year, making Fed Chair Powell’s comments particularly significant.
Additionally, ongoing developments in the Middle East conflict and further details about the U.S.-China trade agreement will likely drive market sentiment in the coming days and weeks.
Energy stocks may see increased activity following the jump in oil prices, with investors monitoring major players like Occidental Petroleum (OXY), Exxon Mobil (XOM), and Chevron (CVX) for potential opportunities amid the heightened geopolitical tensions.
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