The S&P 500 Index ($SPX) (SPY) today is up +0.65%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.59%. June E-mini S&P futures (ESM26) are up +0.70%, and June E-mini Nasdaq futures (NQM26) are up +1.69%.
Stock indexes are staging a modest rebound today, following last Friday’s rout. Strength in chipmakers and AI-infrastructure stocks is leading the push higher today. Stocks added to their gains today after WTI crude oil prices fell from their highs when Iran said its current military operation against Israel has ended.
Crude oil prices initially jumped more than +4% today on a flare-up in hostilities between Iran and Israel that threatens to derail a truce and complicate negotiations to end the war. Israel said it struck several military targets in Iran today, retaliating against missile attacks by Iran, and the Tasnim News Agency reported that Iran said it is prepared for a long-term war with Israel and for strikes on American interests. However, crude prices gave up most of their gains when Iran signaled an end to its current military operations against Israel, and President Trump said the two sides were looking to agree to an immediate ceasefire.
The markets are discounting a 1% chance of a +25 bp rate hike at the next FOMC meeting on June 16-17.
Overseas stock markets are mixed today. The Euro Stoxx 50 recovered from a 2-week low and is up +0.13%. China's Shanghai Composite dropped to a 2-month low and closed down -1.70%. Japan's Nikkei Stock Average slid to a 2-week low and closed down -3.85%.
Interest Rates
September 10-year T-notes (ZNU6) today up +1.5 ticks, and the 10-year T-note yield is down -1.2 bp to 4.518%. Sep T-note prices recovered from a 2-week low today, and the 10-year T-note yield fell from a 2-week high of 4.580%. T-notes recovered from early losses today and moved higher after crude oil prices gave up sharp overnight gains when President Trump said Iran and Israel are “looking to do” an immediate ceasefire.
T-notes initially moved lower today on some negative carryover from last Friday’s stronger-than-expected increase in US May nonfarm payrolls and a sharp upside revision to April nonfarm payrolls, bolstering speculation that the next Fed move will be an interest rate increase. Also, supply pressures are bearish for T-notes as the Treasury will auction $119 billion of T-notes and T-bonds this week, beginning with Tuesday’s $58 billion auction of 3-year T-notes.
European government bond yields are moving higher today. The 10-year German Bund yield climbed to a 2-week high of 3.073% and is up +0.6 bp to 3.045%. The 10-year UK gilt yield rose to a 2-week high of 4.958% and is up +1.0 bp to 4.913%.
The Eurozone Jun Sentix investor confidence index rose by +3.0 to -3.4, stronger than expectations of -14.0.
German Apr factory orders fell -3.8% m/m, weaker than expectations of -2.0% m/m.
Swaps are discounting a 100% chance of a +25 bp ECB rate hike at its next policy meeting on Thursday.
US Stock Movers
Chipmakers and AI-infrastructure stocks are staging a modest recovery today following last Friday’s sell-off. Micron Technology (MU) is up more than +9% to lead gainers in the S&P 500 and Nasdaq 100, and Intel (INTC) is up +9%. Also, KLA Corp (KLAC), Applied Materials (AMAT), and Lam Research (LRCX) are up more than +5%, and Advanced Micro Devices (AMD), Broadcom (AVGO), Microchip Technology (MCHP), ON Semiconductor (ON), Seagate Technology Holdings Plc (STX), Sandisk (SNDK), and Western Digital (WDC) are up more than +3%. In addition, Analog Devices (ADI) and NXP Semiconductors NV (NXPI) are up more than +2%.
Cryptocurrency-exposed stocks are climbing today, with Bitcoin (^BTCUSD) up more than +3%. Galaxy Digital Holdings (GLXY) is up more than +7%, and MARA Holdings (MARA) is up more than +4%. Also, Strategy (MSTR) is up more than +3%, Coinbase Global (COIN) is up more than +2%, and Riot Platforms (RIOT) is up more than +1%.
Nurix Therapeutics (NRIX) is up more than +17% after Roche agreed to pay the company as much as $2.3 billion for rights to an experimental blood-cancer drug.
Marvell Technology (MRVL) is up more than +10% after S&P Dow Jones Indices said the company will replace Pool Corp in the S&P 500 before the market opening on Monday, June 22.
Cerebras Systems (CBRS) is up more than +4% after Wedbush initiated coverage on the stock with a recommendation of outperform and a price target of $270.
Eli Lilly (LLY) is up more than +2% after presenting positive data for its next-generation shot retatrutide to treat obesity.
Voya Financial (VOYA) is up more than +2% after Raymond James upgraded the stock by two notches to strong buy from market perform with a price target of $117.
Wix.com (WIX) is down more than -7% after saying it expects an approximately $50 million reduction in bookings in 2026 due to a new organizational realignment program and a more pronounced slowdown in the growth of its Partners business, beyond previous expectations.
Cien Corp (CIEN) is down more than -4% to lead losers in the S&P 500 after saying it plans to offer $2 billion in convertible senior notes due in 2031.
Earnings Reports(6/8/2026)
Campbell's Company/The (CPB), Graham Corp (GHM), Hub Group Inc (HUBG), Mama's Creations Inc (MAMA), Mission Produce Inc (AVO), Motorcar Parts of America Inc (MPAA), Nano-X Imaging Ltd (NNOX), Oil-Dri Corp of America (ODC), Replimune Group Inc (REPL), Vail Resorts Inc (MTN), XCF Global Inc (SAFX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
