Wall Street rises with technology sector recovery and war on radar

Wall Street's main indices rose this Thursday (11), as investors looked for opportunities in technology stocks that had been heavily punished, with the market closely following developments in the conflict in the Middle East.

At around 11:15 am, the Dow Jones index rose 0.47%, to 50,151.02 points, while the S&P 500 rose 0.38%, to 7,294.45 points. The Nasdaq index advanced 0.97%, to 25,412.79 points.

Chipmakers were recovering after Wednesday's selloff, which sent Wall Street's main indexes down more than 1% and pushed technology stocks into correction territory - down 10% from their record close.

Intel soared more than 10%, while Nvidia and Micron Technology rose 1.3% and 3.2%, respectively. The S&P 500 technology index gained more than 1%, while the Philadelphia SE Semiconductor index gained more than 4%.

But Oracle shares plunged 10.5% after the company projected capital spending plans for fiscal 2027 above Wall Street estimates. Software stocks were under pressure, down close to 2%.

Applovin and Atlassian fell 0.5% and 1.0%, respectively.

US President Donald Trump said Washington would hit Iran "very hard tonight" and would soon take control of the Middle Eastern country's infrastructure and oil and gas markets. Oil prices rose slightly.

"This [Trump's warning] is a very worrying idea for the market, but what we're seeing here is a market that may have become extremely oversold over the last few days. So we're seeing some sort of recovery," said Phil Blancato, chief market strategist at Osaic Wealth.

Earlier, data showed that U.S. producer prices rose more than expected in May, resulting in the biggest annual gain in more than three years.

Separately, the number of Americans filing unemployment claims increased marginally last week.

*With information from Reuters

There is fear that conflict in the Middle East is already affecting the popularity of the USA, says analyst | MORNING CALL

Source: CNN