SpaceX IPO, Iran Strikes, and Hot Inflation Data: What’s Moving Markets Thursday

TLDR

• The Dow, S&P 500, and Nasdaq all opened higher Thursday despite ongoing U.S.-Iran military conflict
• SpaceX is set to debut Friday in what could be the biggest IPO in history
• Oracle stock dropped over 11% after disappointing cloud sales despite beating earnings expectations
• Wholesale inflation rose 6.5% year-over-year in May, the highest since November 2022
• Jobless claims came in higher than expected at 229,000 for the week ending June 6

U.S. stocks climbed on Thursday as investors looked past escalating tensions with Iran and focused on Friday’s expected SpaceX market debut.

The Dow Jones Industrial Average gained around 310 points, or 0.7%. The S&P 500 rose 0.5%, and the Nasdaq added 0.7%.

The gains came after the U.S. completed another round of strikes against Iran. Investors appeared to take the news in stride, with oil prices staying relatively calm.

West Texas Intermediate crude was up just 0.3% to $90.30. Brent crude was flat. That suggests traders do not expect a major escalation in the near term.

President Trump posted on Truth Social that the U.S. would strike Iran again Thursday night and take “total control” of Kharg Island — a key oil export hub. He also said the U.S. would seize control of Iran’s energy sector.

Despite those comments, markets did not sell off. Analysts at Bespoke Investment Group noted that early gains have repeatedly turned into intraday declines lately, as investors rotate out of winners into defensive positions.

SpaceX IPO Expected Friday

The main focus for many investors is Friday’s expected IPO of Elon Musk’s SpaceX. The listing is widely expected to be the largest in history.

SpaceX will trade under the ticker SPCX. No pricing details have been officially confirmed, but the debut has generated widespread attention across Wall Street.

Oracle Falls on Cloud Sales Miss

Oracle was a major mover on Thursday. The company reported quarterly earnings that beat analyst expectations, but its stock fell more than 11% in premarket trading.

The drop came after Oracle reported cloud sales that disappointed investors. Capital expenditure also came in higher than expected, raising concerns about margins.

Investors had priced in strong cloud growth, and the miss was enough to push the stock sharply lower despite the overall earnings beat.

Inflation Hits Highest Level Since 2022

On the economic front, wholesale inflation data for May came in hotter than expected. The producer price index rose 1.1% month-over-month and 6.5% year-over-year.

That is the largest 12-month increase since November 2022. Rising oil prices linked to the Iran conflict are a key driver of the jump.

Consumer prices data had already come in elevated earlier in the week, making Thursday’s producer price reading a second straight inflation surprise.

Initial jobless claims for the week ending June 6 came in at 229,000, above the expected 220,000. Continuing claims rose to 1.795 million.

Markets will be closely watching how inflation data shapes expectations heading into the next Federal Reserve meeting.

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