Wall Street Rallies on Hopes of "Imminent Agreement"; SpaceX IPO in Focus

The three major indices closed higher as expectations grew for a breakthrough in peace negotiations in the Middle East.

The Nasdaq surged by over 2.5%, while the Dow and the S&P 500 both rose by approximately 1.8%.

By sector, materials led the gains with a 4% increase, bolstered by the easing of geopolitical uncertainty, while industrials and technology sectors also showed strength, each climbing over 3%.

Despite a wholesale inflation shock in the U.S., the market reacted more sensitively to news of de-escalating tensions in the Middle East.

The U.S. Department of Labor reported that the Producer Price Index (PPI) for May jumped 6.5% compared to the same month last year, reigniting inflation concerns.

However, market sentiment recovered rapidly after U.S. President Trump officially canceled plans for airstrikes on Iran and signaled that an agreement to end hostilities between the two countries was imminent.

International oil prices reacted immediately, with West Texas Intermediate (WTI) crude falling to the $87 per barrel level.

Among major stocks, technology and semiconductor shares, which had plunged the previous day, led the rebound.

Intel surged over 9% after its investment rating was upgraded to "Buy."

The market is now turning its attention to the initial public offering (IPO) of the space exploration company SpaceX, which is set to list on the Nasdaq tonight, Korea Standard Time.
※ Please note: This article was translated by AI and may contain errors.