Monday, June 8, 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
Mon., June 8…reg. $4.16…diesel $5.31
Regular down 40 cents from the highs, diesel down 37 cents. All good.
But it was a volatile weekend, with the U.S. military saying it shot down Iranian ballistic missiles and drones launched toward the Strait of Hormuz and Gulf Arab allies Friday night, while striking some of the Islamic Republic’s coastal surveillance radar sites in response, an exchange of fire further fraying a shaky ceasefire with Tehran.
President Trump, who has insisted for months that Iran was near its breaking point, conceded Friday that the country retains some missile and drone capacity. In an interview with NBC News, he said about 21% to 22% of Tehran’s missile arsenal remains.
Iran then fired at least 30 missiles at Israel on Sunday, the first such bombardment since the fragile ceasefire took hold in early April, hours after the Israeli Defense Forces (IDF) launched its own attack on a Hezbollah command center in Beirut; Israel responding to Hezbollah’s firing of some missiles into northern Israel.
The Israeli and Lebanese governments had agreed to a ceasefire in U.S.-hosted talks last week, but Hezbollah rejected the deal.
President Trump said he planned to tell Israeli Prime Minister Netanyahu not to retaliate after Iran launched the missile attack Sunday – noting that further escalation will only stall ceasefire negotiations.
Trump told Fox News that he “wasn’t happy” about Israel’s attack on Beirut after he’d told Netanyahu to stand down. But he recognized that Iran’s latest blow wasn’t “going to help negotiations” either.
“What I would suggest to Iran: You’ve shot your missiles, that’s enough. Get back to the table and make a deal,” Trump told Fox.
Trump then told Axios he was calling Netanyahu “right now and telling him not to attack Iran in response.”
“Each of them had their fun. If Bibi strikes them back it’s just gonna keep going like the last 47 years, or the last 3,000 years,” Trump said.
He then told the New York Post Sunday afternoon, “things are going very well.”
Speaking to the Financial Times before Israel struck back at Iran, Trump insisted he dictated terms to Netanyahu on how the war should be prosecuted.
“He won’t have any choice,” Trump told the newspaper, adding that he calls “all the shots,” not Netanyahu.
Meanwhile, Yemen’s Houthi rebels also fired at Israel and warned that they would target Israel-affiliated ships in the Red Sea, further escalating tension.
Early Monday morning, Trump posted on Truth Social:
“Israel and Iran must immediately stop ‘shooting.’”
Shortly thereafter, Iran’s military headquarters said it had “delivered a painful response” to Israel and announced an end to its armed forces operations. “Should aggression and hostile actions continue – including in southern Lebanon – far more severe and forceful measures than before will follow,” it said, according to Iranian state media.
Israel state television then said the IDF had ended military operations against Iran per President Trump’s request.
Trump then posted about an hour later:
“Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE! Final negotiations on ‘Peace’ are proceeding, subject to ignorance or stupidity getting in its way. The Blockade will remain in place, and in full force and effect, until a ‘Final Deal’ is reached. Things should move quickly. Thank you for your attention to this matter!”
When have you heard this before?
But in a videotaped statement, Netanyahu implied that while the current round of fighting was over, he also warned that if Iran “makes the mistake and returns to attacking us, we will respond with force.”
WTI crude oil futures, which had crossed $95 early Monday, fell to $91 after Iran stated it had ended its military operations against Israel. Crude was helped by data indicating an aggressive pullback in imports by China, limiting supply pressures…at least for the next few hours.
In the stock market, not exactly a big bounce back from Friday’s bloodbath.
Otherwise, for us New York Knicks fans, only one thing matters…Game 3 against the Spurs tonight at MSG, Knicks up 2-0, fans with dreams of a sweep. But it’s one game at a time.
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Dow Jones -81…-0.2% [50785]
S&P 500 +21…+0.3% [7405]
Nasdaq +220…+0.9% [25929]
Oil (WTI) $91.25…Brent $94.25
Gold $4325
Silver $68.10
Bitcoin $63,340 [4:00 PM ET]
U.S. 2-yr. 4.16%
U.S. 10-yr. 4.56%
Japanese 10-yr. 2.71%…remember when I said 2.55% was a fake out?
Back Tues.
Brian Trumbore
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