Overview
- President Trump announced on Truth Social that he cancelled scheduled strikes on Iran, a step that helped trigger a sharp equity rebound on June 11–12.
- Oil prices fell several percent after the cancellation, with U.S. crude dropping in intraday trade and gasoline prices beginning to ease for consumers.
- Reports say U.S., Iran and Pakistan negotiators have made progress toward a framework to limit the conflict, but the plan has not won formal approval from key Iranian security forces such as the IRGC.
- The market rally was amplified by corporate moves and data: SpaceX’s record IPO lifted sentiment, AI and chip names swung sharply, and the May Producer Price Index rose more than expected.
- Investors now watch for confirmation of any diplomatic deal and Wednesday’s Fed decision because renewed rhetoric or weak diplomatic clearance could reverse market gains and affect interest rates and inflation expectations.