Thursday, June 11, 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
Thurs., June 11…reg. $4.12…diesel $5.27
‘Regular’ is now down 44 cents from the highs.
At 8:22 AM this morning, President Trump posted on Truth Social:
“The United States will be hitting Iran (whose Navy, Air Force, Radar, Anti Aircraft [sic], and all other forms of Defense, together with most of its offensive capability, are GONE!), VERY HARD TONIGHT. At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela, which is working out brilliantly for both Venezuela and the United States of America. Thank you for your attention to this matter! President DONALD J. TRUMP”
But Trump also said on Fox News this morning that he didn’t know if the American people “had the stomach” for taking Kharg Island.
And then at 1:28 PM, Trump posted:
“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the schedule strikes and bombings against Iran this evening. Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others. The Naval Blockade will remain in full force and effect until this Transaction is finalized – Time and place of the signing to be announced shortly.
“DONALD J. TRUMP
PRESIDENT OF THE UNITED STATES OF AMERICA”
Stocks soared, bonds rallied, and crude oil futures fell 4% immediately on the news.
But as I go to post, who the hell knows what is really going on. We still have no idea who is actually running Iran, for starters.
And there will be many (especially in Israel), wondering just what the deal is, and whether it’s just a ‘deal to make a deal.’
We’ve been here before.
But then around 3:30, the president speaking to reporters, said a deal could be signed this weekend in Europe. It would be a deal to then start real negotiations, a memorandum of understanding.
On the economic data front, producer prices for May were hot in some respects, better than expected in others. On headline, the PPI was up a whopping 1.1% and 6.5% year-over-year, but on core (ex-food and energy), the figures were 0.4% and 4.9%…the last one unchanged from April’s revised down 4.9%.
The core 4.9% was actually well below consensus of 5.4%. And you see bonds rallied on the war headlines.
Tomorrow, it’s all about the SpaceX.
Meanwhile, here in the New York area, we are still celebrating the Knicks spectacular, record-breaking win last night at the Garden, 107-106, after being down 29 points, only to claw back, with OG Anunoby the ‘forever New York’s star’ with a spectacular tip-in of a Jalen Brunson miss with 1.2 seconds left, the Spurs not able to get a shot off at the other end.
It was the biggest comeback in NBA Finals play, and by five points. Heck, they were still down 20 with 9:33 to play before a phenomenal 32-11 run to end it.
Knicks now up 3-1, Game 5 in San Antonio, Sat.
—
Dow Jones +929…+1.9% [50848]
S&P 500 +127…+1.8% [7394]
Nasdaq +640…+2.5% [25809]
Oil (WTI) $86.40…Brent $89.05
Gold $4210
Silver $67.50
Bitcoin $63,550 [4:00 PM ET]
U.S. 2-yr. 4.05%
U.S. 10-yr. 4.45%
Japanese 10-yr. 2.67%
Check out my Week in Review, posted Fridays around 4:30 PM.
Brian Trumbore
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