Summary
- New York's major stock indexes rose on expectations for second-round talks between the US and Iran.
- The S&P 500 index moved closer to a fresh record high, while the Nasdaq index extended its gains for a 10th straight trading session.
- International oil prices, the dollar index and US Treasury yields fell, while PPI came in well below market forecasts, improving investor sentiment.
Forecast Trend Report by Period
Optimism over renewed talks persists
Nasdaq rises for a 10th straight session
Oil, dollar and Treasury yields fall together
Major US stock indexes rallied on June 14 as hopes for a second round of talks between the US and Iran buoyed investor sentiment.
The Dow Jones Industrial Average rose 317.74 points, or 0.66%, to 48,535.99 at the close on the New York Stock Exchange. The S&P 500 added 81.14 points, or 1.18%, to 6,967.38, while the tech-heavy Nasdaq Composite climbed 455.35 points, or 1.96%, to 23,639.08.
The S&P 500 moved closer to surpassing the record high it set in late January. The Nasdaq extended its winning streak to 10 straight sessions, its longest such run since 2021.
The prospect of more talks between Washington and Tehran appeared to support risk appetite. President Donald Trump said a day earlier that Iran wants negotiations. The White House also said a second round of talks is under discussion.
Iran has also signaled that it wants to avoid further escalation. Reports said authorities in Tehran are reviewing a plan to temporarily adjust crude shipments through the Strait of Hormuz, easing concerns about the risk of additional conflict. The move was interpreted as part of an effort to create conditions for face-to-face talks to resume.
Oil prices fell on those expectations. Global benchmark Brent crude for June delivery dropped 4.6% to $94.79 a barrel, while West Texas Intermediate crude for June delivery sank 7.9% to $91.28.
The dollar and US Treasury yields both fell for a second straight day. The dollar index, which tracks the greenback against six major currencies, slipped 0.25% to 97.92. The benchmark 10-year Treasury yield fell 0.05 percentage point to 4.24%, and the policy-sensitive two-year yield declined 0.03 percentage point to 3.74%.
March producer price data also helped lift sentiment. The US Bureau of Labor Statistics said the producer price index rose 0.5% from the previous month in March. That was less than half the 1.1% expected by the market. Core PPI, which excludes food and energy, rose 0.1%, far below the 0.5% forecast.
Among individual stocks, Nvidia gained 3.8% on news that it is entering the quantum computing sector. Micron surged 9.17% after brokerages raised their price targets. SanDisk slipped 0.84% as investors took profits following its recent rally.
Noh Jung-dong, Hankyung.com reporter dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
