Wednesday, June 10, 2026
[4:10 PM ET…closing prices for stocks; 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Wed., June 10…reg. $4.15…diesel $5.30
Tensions continue to rise anew as Iran responded overnight to U.S retaliatory strikes with attacks of its own targeting American bases and other sites in allied countries across the Middle East, including Bahrain, Kuwait and Jordan. A U.S. official said all incoming missiles and drones were intercepted.
President Trump posted on Truth Social this morning, 7:03 AM:
“Iran’s Military is a complete and total mess. Much of it, like their Navy and Air Force, doesn’t even exist anymore – They have been completely defeated. Iran is all talk and no action. The Bully of the Middle East is DEAD!!! They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”
And at 7:32 AM:
“The Fake News Media refuses to report how EFFECTIVE the U.S. Naval BLOCKADE is, the most successful Blockade in the history of Naval Warfare. NOTHING GETS THROUGH unless we want it to. IT IS A STEEL WALL! Iran is doing ZERO business, not paying their military, or any of their bills, and quickly becoming a FAILED NATION! Lots of oil is getting out. Praise be to Allah! President DONALD J. TRUMP”
But Bloomberg News did have a story this morning on how more and more oil tankers are getting through, turning off their transponders and going through the Strait of Hormuz, lifting oil flows from a trickle to a stream.
“While conventional vessel-tracking data show little change in shipments, senior shipping executives, Asian oil buyers and satellite images paint a different picture: That Hormuz is now a lot less blocked, with transits becoming more steady and greater in volume.”
The U.S. is also helping ships navigate through the waterway.
“About 2 million barrels a day of oil and related products are now flowing out of the Gulf, according to Rapidan Energy Group – a level that’s far below normal, but much higher than earlier in the conflict. Those flows, coupled with a plunge in Chinese buying, surging U.S. exports and workarounds such as pipelines running hundreds of miles across the Middle East, have helped bring oil prices down almost 30% from their peak at the height of the war.”
And then late this morning, speaking to reporters in the Oval Office, President Trump said Iran would be hit again today…and crude oil rose sharply on the news.
“We were really close to a deal, but they keep tapping us along,” Trump said.
This afternoon, the president posted on Truth Social, in part:
“Last month, I directed our Great U.S. Military to execute a secret mission to support Oil Tankers and other Commercial Ships through the Strait of Hormuz. Today, I am pleased to announce that this effort has resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely traveled through the Strait.”
Oil fell a little on the post, but WTI was still back over $90.
The stock market fell all day, a brutal one…with the SpaceX IPO looming at week’s end.
We had key consumer price data for May, and it was in line with expectations, albeit the figures are high, but no negative surprises.
On headline, the CPI rose 0.5% over April, and 4.2% year-over-year; but ex-food and energy (core) the figures were 0.2% and 2.9% Y/Y.
Yes, the 4.2% gets the attention, and it’s more than the pace of average hourly earnings, as seen in last Friday’s jobs report, so that’s not good at all, but the 2.9% on core is not awful given the war and price pressures in the supply chain.
That said, tomorrow’s producer price report (PPI) could offer a different picture.
And next week it will be all about the Federal Reserve’s Open Market Committee, the first gathering under new Chairman Kevin Warsh. Investors entered the year expecting rate cuts. But traders are now increasing their bets that the Fed will have to raise interest rates by the end of the year.
Lastly, Game 4 Knicks-Spurs tonight at MSG.
—
Dow Jones -953…-1.9% [49918]
S&P 500 -119…-1.6% [7267]
Nasdaq -509…-2.0% [25169]
Oil (WTI) $90.50…Brent $93.45
Gold $4090…level last seen Nov. 2025
Silver $63.75
Bitcoin $61,900 [4:00 PM ET]
U.S. 2-yr. 4.13%
U.S. 10-yr. 4.54%
Japanese 10-yr. 2.67%
Back Thurs.
Brian Trumbore
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