New York, June 18, 2026, 12:02 EDT
- The S&P 500 climbed 0.79%, Nasdaq moved up 1.04%, and the Dow was up 0.28%. Brent crude dropped 2.55%. The U.S. 10-year Treasury yield eased to 4.432%.
- Intel pushed chip stocks up after President Donald Trump said Apple will team up with the company on U.S. chip design and manufacturing. Accenture dropped after trimming the top end of its sales guidance.
- The Federal Reserve kept its key rate steady at 3.5% to 3.75%. U.S. stocks will close Friday in observance of Juneteenth.
Chip stocks boosted Wall Street late Thursday morning, with U.S. indexes moving up as oil prices fell and some inflation worries cooled despite a firmer tone from the Federal Reserve. The Dow Jones Industrial Average added 0.36% at 11:23 a.m. ET, while the S&P 500 was up 0.91%. The Nasdaq Composite climbed 1.25%.
Wednesday’s drop in stocks got traders’ attention, since it wasn’t minor and didn’t look like a blip. Stocks fell after the Fed left rates unchanged but suggested a possible rate hike ahead. When markets call a signal “hawkish,” they mean the Fed could push rates higher to deal with inflation.
The Fed left rates unchanged at 3.5% to 3.75%, saying the economy is growing solidly while inflation is still running above the 2% target. Policymakers also pointed to energy costs as one reason for price pressures.
Oil helped stocks. Brent crude dropped near $78 a barrel after the U.S. and Iran signed an interim deal to keep the ceasefire going and reopen the Strait of Hormuz, the main shipping lane for oil. “The signing had provided some additional confidence,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. Reuters
Intel surged almost 8% after Trump said Apple will partner with the firm to make and design chips in the U.S. That pulled up chip stocks more broadly. Nvidia added, with Micron and Marvell posting stronger gains. Semiconductors led the session, ahead of the larger software names.
Accenture dropped after the company lowered its full-year revenue growth target to a range of 3% to 4%, down from its previous 3% to 5% view. The consulting firm blamed fallout from the Iran war, saying it slowed its Middle East performance. CEO Julie Sweet told investors they started to see the indirect effects in recent weeks and said, “not clear how fast things will change.” Shares of Cognizant, IBM and Capgemini also slipped. Reuters
Fed officials got little relief from jobs data. Initial jobless claims dropped to 226,000 for the week ended June 13, down 4,000 from the previous week’s revised tally, while continued claims edged higher to 1.81 million. Claims track new filers for unemployment benefits and are seen by traders as a first sign of layoff stress.
Michael James, managing director and equity sales trader at Rosenblatt Securities, said the Fed statement and Chair Kevin Warsh’s press conference had “clearly a hawkish tilt.” Short-term rate futures moved to price in a higher probability of a September hike after the meeting, Reuters said. He noted that just weaker oil prices won’t end the inflation argument. Reuters
Juneteenth lands Friday, and markets are closed. NYSE and Nasdaq both show U.S. equity markets shut on June 19, so Thursday’s session could see more activity. Traders get less time this week to react to the Fed, oil shifts, and this round of company headlines.
Banks say the outlook is shaky. Hormuz oil shipments could take months to bounce back, with Goldman Sachs looking for Gulf exports to hit pre-conflict levels by the end of July and production to stabilize by October. BNP Paribas noted even a speedy restart would need time. Kay Haigh, global head of fixed income and liquidity solutions at Goldman Sachs Asset Management, said the Fed might dodge hikes, but “the path is narrow.” Reuters
Market tape sends mixed signals. Some buyers are chasing an improved inflation read and a single chip tailwind, but the move is not about easing rate worries across the board. The rally helps, just doesn’t spell a wide green light.
