US stocks: Dow hits record high as oil slides; SpaceX soars
Published Tue, Jun 16, 2026 · 10:56 PM
THE blue-chip Dow touched an intraday record high on Tuesday as oil prices slid further on optimism around a US-Iran peace deal, while SpaceX surpassed Amazon’s market value to become the fifth-most valuable US firm.
Shares of SpaceX climbed almost 9.5 per cent, helping the company overtake Amazon’s market value.
The Elon Musk-led company said it would acquire software firm Anysphere for US$60 billion in a bid to ramp up its presence in the enterprise AI market.
Memory chip stocks rose, with Western Digital and Seagate Technology adding 9 per cent and 6 per cent, respectively.
Still, the S&P tech index was down 0.5 per cent after a sharp rally in the previous session.
Seven out of 11 major S&P 500 sector indexes moved higher as investors rotated into economically sensitive pockets of the market. Financial shares led gains with a 1.1 per cent rise.
Goldman Sachs gained 1.3 per cent, aiding the Dow, while JPMorgan and Bank of America added 1.8 per cent and 1.2 per cent, respectively.
The energy index lost 0.4 per cent as oil prices dropped to nearly a three-month low.
US stocks rallied in the previous session after US President Donald Trump said a preliminary agreement to end the conflict had been signed.
Still, doubts swirled around the deal as shippers said it could take weeks for confidence to return after any reopening of the Strait of Hormuz.
Markets will next turn to the Federal Reserve’s monetary policy decision on Wednesday. The central bank is widely expected to hold interest rates at the 3.5 to 3.75 per cent range, with investors closely watching Warsh’s comments on inflation, unemployment and the economic outlook.
“All eyes are on Warsh’s press conference, guidance and expectations for the market. But given the (US-Iran) deal seems to be inked he has a little bit more latitude to be balanced,” said Thomas Hayes, chairman at Great Hill Capital.
“Historically, the market gets tested with a new Fed chair in the first year or so. There’s usually some market volatility.”
Inflation, in particular, is stuck more than a percentage point above the Fed’s 2 per cent target, and Warsh’s characterisation of whether and when it is likely to fall will be a key first step in the evolution of monetary policy under his leadership.
Traders see a 42 per cent chance of a 25-basis-point rate hike in December, as per CME Group’s FedWatch tool, with rate cuts seen coming only after mid-2027.
At 9.42 am ET the Dow Jones Industrial Average rose 360.77 points, or 0.7 per cent, to 52,031.80, the S&P 500 gained 7.49 points, or 0.1 per cent, to 7,561.78 and the Nasdaq Composite gained 35.07 points, or 0.13 per cent, to 26,719.01.
The benchmark S&P 500 was also near early June record highs after a slump driven by concerns about high valuations in the technology sector and the US-Iran conflict.
Qualcomm rose 3.6 per cent after the Information reported that the chipmaker was in talks to acquire AI chip startup Tenstorrent for US$8 billion to US$10 billion.
Robinhood was up 1.1 per cent as the trading platform said it would cut 10 per cent of its full-time workforce and close remaining open roles.
Advancing issues outnumbered decliners by a 2.19-to-1 ratio on the NYSE and by a 1.39-to-1 ratio on the Nasdaq.
The S&P 500 posted 12 new 52-week highs and no new lows, while the Nasdaq Composite recorded 46 new highs and 31 new lows. REUTERS
