Following its worst day in over a year, the Dow roared back to life on Thursday with a 929-point win. The Nasdaq and S&P 500 turned in outsized wins of their own, with all three indexes marking their largest single-day percentage gains since April 8. Rebounding chip stocks helped power the rally, as well as President Donald Trump's Truth Social post stating that he “cancelled the scheduled strikes and bombings against Iran this evening” and will soon sign a deal. Investor attention is now turning to SpaceX's highly-anticipated IPO on the Nasdaq tomorrow, where it will launch under the ticker SPCX.
Gold Prices Bounce Back in Final Hours
Oil prices moved lower after Trump posted that he cancelled the air strikes on Iran scheduled for tonight. July-dated West Texas Intermediate (WTI) fell 2.58% to close at $87.71 per barrel.
Gold entered bear market territory yesterday for the first time since 2022, following a sharp downturn from record highs. August-dated gold futures touched a 2026 low of $4,046.20 per ounce earlier today before rebounding, last seen up 2.3% at $4,228.80.
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