US stocks rise after oil prices ease and SpaceX soars in its debut on
Wall Street
[June 13, 2026] By
STAN CHOE
NEW YORK (AP) — U.S. stocks rose Friday after oil prices fell again, and
SpaceX soared in its highly anticipated debut on Wall Street.
The S&P 500 added 0.5% to close out its 10th winning week in the last
11. The Dow Jones Industrial Average climbed 353 points, or 0.7%, and
the Nasdaq composite gained 0.3%.
Stocks got a lift from a 3.4% drop for the price of Brent crude oil to
$87.33 per barrel, deepening its loss for the week. Oil prices have come
down since President Donald Trump on Thursday called off his threat to
launch strikes on Iran and said a potential deal with Iran may be
imminent.
A deal to end the war could reopen the Strait of Hormuz and allow oil
tankers to once again deliver crude from the Persian Gulf to customers
worldwide. Its near closure since the war began has sent the price of
Brent up from roughly $70 per barrel and caused a wave of painful
inflation for the world.
Of course, financial markets have rallied in the past on hopes that an
end to the war with Iran was near, only to get disappointed each time.
The bigger factor for Wall Street over the last week has actually been
artificial-intelligence stocks, and how they have gone from roaring to
records to suddenly turning lower. The concern is whether such stocks
shot too high, too fast because of AI mania, and their careening moves
have sometimes reversed direction by the hour.
SpaceX suggested plenty of demand still exists among investors for AI
after its stock leaped 19.2% in its first day of trading. That gave Elon
Musk’s rocket company a total value of $2.1 trillion, making it bigger
than Exxon Mobil, Bank of America and Coca-Cola combined. In addition to
building rockets, SpaceX also owns the artificial intelligence company
xAI.
AI-related stocks were otherwise mixed following their roller-coaster
moves over the last week. Micron Technology’s drop of 1.4% was one of
the heaviest weights on the S&P 500, but CoreWeave jumped 5% after
learning it will join the Nasdaq 100 index later this month.
Elsewhere on Wall Street, Adobe dropped 6.8% despite reporting stronger
profit and revenue for the latest quarter than analysts expected.
Its stock has lost nearly 42% so far this year, and it announced its
chief financial officer is leaving the company on Monday. Adobe is
already looking for a CEO to replace Shantanu Narayen, who announced in
March that he is stepping aside after 18 years as Adobe’s leader.
[to top of second column] |
Gwynne Shotwell, President and COO of SpaceX, right, poses with
colleagues during a bell ringing ceremony for the IPO of SpaceX at
the Nasdaq MarketSite in New York, Friday, June 12, 2026, in New
York. (AP Photo/Frank Franklin II)
 All told, the S&P 500 rose 37.16
points to 7,431.46. The Dow Jones Industrial Average climbed 353.51
to 51,202.26, and the Nasdaq composite climbed 79.18 to 25,888.84.
In the bond market, Treasury yields rose to regain some of their
sharp slide from the day before, when oil prices dropped following
Trump’s announcement. The yield on the 10-year Treasury climbed to
4.48% from 4.45% late Thursday.
High yields can slow entire economies and undercut prices for all
kinds of investments, including stocks and cryptocurrencies. They
hit investments seen as the most expensive in particular, and some
critics are calling the AI industry a bubble where investment
inflated too far.
Yields got a boost after a report suggested sentiment among U.S.
consumers is not as bad as economists feared. The preliminary survey
from the University of Michigan said sentiment improved by more than
expected. U.S. consumers said they were feeling some relief after
gasoline prices eased a bit early in the month.
In stock markets abroad, indexes rallied as they caught up to
Thursday’s big gains on Wall Street.
South Korea’s Kospi jumped 4.6% and trimmed its losses from earlier
this month taken because of sell-offs for AI-related stocks. The
Kospi has nearly doubled since the start of the year.
Tokyo’s Nikkei 225 rose 2.8%, and France’s CAC 40 climbed 1.8% for
two of the world’s bigger moves.
___
AP Business Writers Chan Ho-him and Matt Ott contributed to this
report.
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