From Nasdaq: 2025-06-11 20:06:00

Stock indexes closed lower on Wednesday, with the S&P 500 down -0.27%, Dow Jones unchanged, and Nasdaq down -0.37%. Chip stocks retreated, impacting the market. Geopolitical tensions rose after reports of the US embassy in Iraq preparing to evacuate due to security risks. President Trump expressed doubt on convincing Iran to halt its nuclear program.

US stocks initially rose on Wednesday to multi-month highs but later declined. Falling bond yields and lower-than-expected core CPI data supported the market. A trade framework between the US and China was announced. MBA mortgage applications rose, with 30-year fixed rates increasing slightly. The chance of a rate cut at the next FOMC meeting is discounted at 0%.

Euro Stoxx 50 closed down -0.41%, while China’s Shanghai Composite and Japan’s Nikkei Stock 225 rose. US 10-year T-note yield fell to 4.412%. ECB wage growth predictions were below expectations. Swaps suggest a 13% chance of an ECB rate cut in July.

Chip stocks like Intel and ON Semiconductor led losers on Wednesday. US steelmakers fell on news of potential tariff removal. Airline stocks declined as crude oil prices surged. American Superconductor and Chewy reported losses. Lockheed Martin, Warner Bros Discovery, Talen Energy, and Starbucks were among the gainers.

Energy companies rallied as crude prices surged. Devon Energy, ConocoPhillips, and Exxon Mobil closed up. Palantir Technologies also saw gains. Earnings reports for June 12 include Adobe Inc, America’s Car-Mart Inc, Immersion Corp, Lovesac Co, and RH.



Read more at Nasdaq: Stocks Close Lower as Chip Makers Give Up Early Gains