Stock market today: Dow, S&P 500, Nasdaq rise with Trump's Iran decision, Fed rate cuts in focus

US stocks drifted higher on Friday, with investors weighing the possibility of Fed interest rate cuts by July, as well as the likelihood of direct US military involvement in the Israel-Iran conflict after President Trump set a deadline for a decision.
The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) rose roughly 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) nudged up 0.5%. Markets were closed on Thursday in observance of Juneteenth.
Trump has introduced a self-imposed two-week time limit on deciding whether to enter the Middle East conflict, via a message relayed on Thursday by the White House press secretary. While the move added another layer of uncertainty to an already cautious market, it also opened a window for diplomacy to persuade Iran to negotiate — an idea its president rejected strongly on Friday.
Eyes are now on European efforts to get Iran back to the table and avert further escalation in tensions. Foreign ministers from France, the UK, and Germany are holding talks in Geneva with their Iranian counterpart.
Meanwhile, Fed governor Chris Waller on Friday floated the possibility of rate cuts in July, arguing recent inflation data has been tame even amid the introduction of Trump's tariffs.. The central bank held interest rates steady this week, and Federal Reserve Chair Jerome Powell reiterated that policymakers are not rushing to ease, leading to a fresh attack from Trump.
Waller's comments led to a slight uptick in bets on a July cut, though most traders are betting on the next cut coming in September, according to CME Group.
Read more: The latest on Trump's tariffs
US stocks rose on Friday following dovish comments from Fed Governor Chris Waller. Investors also digested President Trump's two-week deadline for deciding whether the US will directly get involved in the Israel-Iran conflict.
The Dow Jones Industrial Average (^DJI) rose 0.3% while the broad-based S&P 500 (^GSPC) gained roughly 0.4%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4%.
Oil prices fell after the White House said Trump would make his decision within two weeks, leaving open room for diplomacy. Still, crude futures were on pace for a third week of gains.
Dovish comments also sent stocks higher after Fed governor Chris Waller on CNBC's Squawk Box, suggested that the Federal Reserve could move to lower interest rates in July. Waller said that any inflation from tariffs may be short-lived.
US stock futures edged higher ahead of the opening bell, with contracts on the Dow Jones Industrial Average futures (YM=F) and S&P 500 (ES=F) rising roughly 0.3%, and those on the tech-heavy Nasdaq 100 (NQ=F) adding 0.4%.
The move higher followed dovish comments from Fed governor Chris Waller on CNBC's Squawk Box, suggesting that the Federal Reserve could move to lower interest rates in July. Waller argued that any inflation from tariffs may be short-lived.
"Any tariff inflation ... I don't think is going to be that big, and we should just look through it in terms of setting policy," Waller said. "The data the last few months has been showing that trend inflation is looking pretty good ... We could do this as early as July."
Read more here.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
A recent memo from Amazon (AMZN) CEO Andy Jassy revived concerns about the scope of change to the labor market from artificial intelligence.
While employers see growth and productivity, employees are worried about massive displacement in their jobs. And now, it's something the Federal Reserve is watching closely too:
Hamza Shaban writes in today's Morning Brief:
Read more here.
Accenture (ACN) stock is down more than 4% after the global consultancy company reported new bookings decreased 6% to $19.7 billion in the quarter.
Earnings topped estimates, with revenue coming in at $17.7 billion for the quarter, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG.
Reuters reports:
Read more here.
CarMax (KMX) stock climbed 11% in premarket trading after the used car dealer's first quarter earnings and revenue beat Wall Street expectations.
CarMax sold 379,727 cars in the first quarter, a 5.8% increase from the same period last year.
The company also reported earnings per share of $1.38, and revenue rose 6.1% to $7.55 billion, topping estimates.
CarMax CEO Bill Nash said that its omnichannel buying and selling experience "is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.'
Bloomberg reports:
Read more here.
Here are some top stocks trending on Yahoo Finance in premarket trading:
Tesla (TSLA) stock rose over 1% before the bell following reports that the EV maker had signed a $557 million energy storage station deal. This deal was announced two days before Elon Musk's expected launch of its robotaxi.
Semiconductor maker, Wolfspeed's (WOLF) stock fell 4% premarket after reports emerged on Thursday it would be taken over by creditors inculding Apollo Global Management. The chipmaker has been struggling recently and the new proposal would put them into bankruptcy.
GMS (GMS) stock was up 23% after the Wall Street Journal (WSJ) reported that Home Depot (HD) the home-improvement giant, has made an offer to acquire GMS, a building-products distribution company, citing people familiar with the matter. The WSJ did not specify a price.
Economic data: Leading index (May); Philadelphia Fed Business Outlook (June)
Earnings: Accenture (ACN), CarMax (KMX), Darden Restaurants (DRI), Kroger (KR)
Here are some of the biggest stories you may have missed yesterday, overnight and early this morning:
The Fed is also in 'wait and see' mode about AI taking jobs
The Trump phone probably won't be built in the US
Investors look past 'blah' Fed meeting
Tesla signs deal for first China battery storage station: Report
Trump to decide on Iran strike within two weeks
Dealmaking in 2025: AI to the rescue
Tariff talks with Canada, EU take focus as deadlines loom
A $20B clock is ticking for OpenAI as Microsoft talks sour
Trump blasts Powell again, calls for effectively 10 Fed rate cuts
China's rare earth magnet shipments halve in May due to export curbs
Why the US housing market is so stuck
Shares of Pop Mart (9992.HK, PMRTY) slid in Hong Kong after a call for stricter regulation of blind-box and trading cards in Chinese state media.
That fueled concerns about prospects for the maker of furry Labubu elf dolls, whose explosive popularity has helped lift Beijing-based Pop Mart's market cap to around $40 billion — twice that of Hasbro (HAS) and Mattel (MAT) combined.
Bloomberg reports:
Read more here.
Oil prices look set to end this week with gains for the third consecutive week in a row. Extreme tensions in the Middle East have put consistent upwards pressure on the commodity, with the recent eruption into outright violence leaving investors looking at supply chains and production facilities with concern.
Reuters reports: `
Read more here.
US stocks rose on Friday following dovish comments from Fed Governor Chris Waller. Investors also digested President Trump's two-week deadline for deciding whether the US will directly get involved in the Israel-Iran conflict.
The Dow Jones Industrial Average (^DJI) rose 0.3% while the broad-based S&P 500 (^GSPC) gained roughly 0.4%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4%.
Oil prices fell after the White House said Trump would make his decision within two weeks, leaving open room for diplomacy. Still, crude futures were on pace for a third week of gains.
Dovish comments also sent stocks higher after Fed governor Chris Waller on CNBC's Squawk Box, suggested that the Federal Reserve could move to lower interest rates in July. Waller said that any inflation from tariffs may be short-lived.
US stock futures edged higher ahead of the opening bell, with contracts on the Dow Jones Industrial Average futures (YM=F) and S&P 500 (ES=F) rising roughly 0.3%, and those on the tech-heavy Nasdaq 100 (NQ=F) adding 0.4%.
The move higher followed dovish comments from Fed governor Chris Waller on CNBC's Squawk Box, suggesting that the Federal Reserve could move to lower interest rates in July. Waller argued that any inflation from tariffs may be short-lived.
"Any tariff inflation ... I don't think is going to be that big, and we should just look through it in terms of setting policy," Waller said. "The data the last few months has been showing that trend inflation is looking pretty good ... We could do this as early as July."
Read more here.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
A recent memo from Amazon (AMZN) CEO Andy Jassy revived concerns about the scope of change to the labor market from artificial intelligence.
While employers see growth and productivity, employees are worried about massive displacement in their jobs. And now, it's something the Federal Reserve is watching closely too:
Hamza Shaban writes in today's Morning Brief:
Read more here.
Accenture (ACN) stock is down more than 4% after the global consultancy company reported new bookings decreased 6% to $19.7 billion in the quarter.
Earnings topped estimates, with revenue coming in at $17.7 billion for the quarter, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG.
Reuters reports:
Read more here.
CarMax (KMX) stock climbed 11% in premarket trading after the used car dealer's first quarter earnings and revenue beat Wall Street expectations.
CarMax sold 379,727 cars in the first quarter, a 5.8% increase from the same period last year.
The company also reported earnings per share of $1.38, and revenue rose 6.1% to $7.55 billion, topping estimates.
CarMax CEO Bill Nash said that its omnichannel buying and selling experience "is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.'
Bloomberg reports:
Read more here.
Here are some top stocks trending on Yahoo Finance in premarket trading:
Tesla (TSLA) stock rose over 1% before the bell following reports that the EV maker had signed a $557 million energy storage station deal. This deal was announced two days before Elon Musk's expected launch of its robotaxi.
Semiconductor maker, Wolfspeed's (WOLF) stock fell 4% premarket after reports emerged on Thursday it would be taken over by creditors inculding Apollo Global Management. The chipmaker has been struggling recently and the new proposal would put them into bankruptcy.
GMS (GMS) stock was up 23% after the Wall Street Journal (WSJ) reported that Home Depot (HD) the home-improvement giant, has made an offer to acquire GMS, a building-products distribution company, citing people familiar with the matter. The WSJ did not specify a price.
Economic data: Leading index (May); Philadelphia Fed Business Outlook (June)
Earnings: Accenture (ACN), CarMax (KMX), Darden Restaurants (DRI), Kroger (KR)
Here are some of the biggest stories you may have missed yesterday, overnight and early this morning:
The Fed is also in 'wait and see' mode about AI taking jobs
The Trump phone probably won't be built in the US
Investors look past 'blah' Fed meeting
Tesla signs deal for first China battery storage station: Report
Trump to decide on Iran strike within two weeks
Dealmaking in 2025: AI to the rescue
Tariff talks with Canada, EU take focus as deadlines loom
A $20B clock is ticking for OpenAI as Microsoft talks sour
Trump blasts Powell again, calls for effectively 10 Fed rate cuts
China's rare earth magnet shipments halve in May due to export curbs
Why the US housing market is so stuck
Shares of Pop Mart (9992.HK, PMRTY) slid in Hong Kong after a call for stricter regulation of blind-box and trading cards in Chinese state media.
That fueled concerns about prospects for the maker of furry Labubu elf dolls, whose explosive popularity has helped lift Beijing-based Pop Mart's market cap to around $40 billion — twice that of Hasbro (HAS) and Mattel (MAT) combined.
Bloomberg reports:
Read more here.
Oil prices look set to end this week with gains for the third consecutive week in a row. Extreme tensions in the Middle East have put consistent upwards pressure on the commodity, with the recent eruption into outright violence leaving investors looking at supply chains and production facilities with concern.
Reuters reports: `
Read more here.

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