Wall Street Rebounds as Intel-Apple Chip Deal and Iran Peace Accord Lift Markets

S&P 500 surges 1.1% Thursday, erasing most of Wednesday’s Fed-driven losses The S&P 500 rose 80.48 points to 7,500.58, the Dow added 72.15 points to 51,564.70, and the Nasdaq jumped 1.9% to 26,517.93, powered by big tech gains and easing bond yields. All three major indexes notched weekly gains ahead of the Juneteenth holiday closure. 12

Intel stock jumps 10.6% after Trump announces Apple chip partnership President Trump said on Truth Social that Apple will work with Intel to design and build chips in the U.S., sending Intel shares to a record high and lifting the Philadelphia semiconductor index 6.4%. The stock has surged 464% over the past 12 months. 345

U.S.-Iran peace deal eases oil fears, but Geneva follow-up talks abruptly canceled Oil prices initially fell after the U.S. and Iran signed an interim agreement extending the ceasefire and reopening the Strait of Hormuz, but Brent crude later rose 0.9% to $80.57 when follow-up talks in Switzerland were called off, raising doubts about a lasting peace. 67

SpaceX stock falls 3.6% in second straight decline after record IPO The Elon Musk-led rocket maker dropped 3.6% Thursday following a 4.9% loss Wednesday, cooling off after its historic Nasdaq debut. Leveraged single-stock ETFs tied to SpaceX saw over $10 billion in trading volume during its first holiday-shortened week. 18

Kroger reports Q1 2026 EPS of $1.46, adjusted eCommerce sales up 19% The grocer posted identical sales without fuel up 1.0%, operating profit of $1.4 billion, and adjusted EPS of $1.58, while maintaining full-year guidance. Kroger Precision Marketing profit grew over 20%. 9

Fed holds rates at 3.50%-3.75% as Chair Warsh removes cutting bias In Kevin Warsh’s first meeting as Fed chair, the FOMC voted unanimously to keep rates steady and revamped the policy statement to eliminate a bias toward future cuts. Warsh did not submit a dot-plot projection and announced task forces to overhaul Fed operations. 1011