US equities rallied strongly Thursday as Washington signalled it had completed its latest strikes on Iran and
floated a framework deal, pulling oil lower and reviving risk appetite.
The Dow Jones gained +1.9% to 50'841 (a 930-point move), the S&P 500 added +1.8% to 7'394 and the Nasdaq rose +2.5% to 25'810, with the Russell 2000 up +3.0% confirming unusually broad participation; technology, industrials and materials led while energy, staples and real estate lagged, and the VIX fell almost 12%. Europe closed higher earlier in the session, with the STOXX 600 +0.5% to 622, the FTSE 100 +0.5% to 10'304 and the SMI +0.5% to 13'530. Asia followed through this morning: the Nikkei closed +2.8% at 66'020, the Hang Seng +1.9% at 24'718 and the Shanghai Composite +1.1% at 4'032.
Rates absorbed a mixed inflation message: May PPI ran hot on the headline at +1.1% on the month and 6.5% on the year, the fastest pace since late 2022, but core measures at +0.4% and 4.9% undershot expectations, while initial jobless claims of 229k pointed to gradual labor cooling. The US 2-year ended near 4.13% and the 10-year at 4.53%, both slightly lower on the day, while Swiss yields barely moved with the 2-year around 0.2% and the 10-year near 0.4%, the front end anchored by the SNB's 0% policy rate.
Gold closed at 4'212, +3.4%, while Brent fell -2.9% to 90.4 on supply-disruption relief.
