The Dow Jones Industrial Average closed Sept. 11 at 52,573.29, up 509.19 points, or 0.98%. The S&P 500 rose 65.28 points, or 0.86%, to 7,656.98, while the Nasdaq Composite gained 251.31 points, or 0.96%, to 26,333.04.
Among the largest companies by market value, most technology stocks advanced, with Apple up 1.75%, Microsoft 0.65%, Amazon 1.94%, Google parent Alphabet 1.77%, TSMC 1.22%, SpaceX 2.04%, Broadcom 0.32%, Facebook parent Meta 0.57%, Tesla 0.52% and SK Hynix 0.94%. Some chip-related names slipped despite the broader rally, including Nvidia (-0.03%), Micron (-0.22%) and SanDisk (-3.50%). The Philadelphia Semiconductor Index rose 1.81%.
Oracle, which a day earlier reported better-than-expected results for the first quarter of fiscal 2027 (June-August), rose early in the session before profit-taking pushed it to a 1.74% loss. Oracle's adjusted earnings per share of $1.92 and revenue of $19.35 billion topped consensus estimates of $1.74 and $19.14 billion. Notably, revenue from Oracle Cloud Infrastructure, closely tied to data centers, surged 121% from a year earlier.
Adobe, which guided for weaker-than-expected revenue at its earnings call, traded lower during the session but finished up 1.37%. The company projected fourth-quarter revenue of $6.8 billion to $6.85 billion, no better than the $6.85 billion consensus.
The Dow and Nasdaq managed their first gains in five sessions as oil prices fell for the first time in a while. On the ICE Futures exchange in London, Brent crude for November delivery settled at $104.61 a barrel, down $3.02, or 2.81% — its first decline in six sessions. On the New York Mercantile Exchange, West Texas Intermediate for October delivery fell $2.43, or 2.37%, to $100.05 a barrel, its first drop in nine sessions.
Oil retreated after news that the foreign ministers of the six Gulf Cooperation Council states and Iran will hold talks on Sept. 14, their first high-level meeting since the war began, brokered by Oman. Gulf states appear to have stepped in directly as U.S.-Iran negotiations remain deadlocked.
Still, crude held above $100 a barrel as the Middle East conflict has widened from the Strait of Hormuz to the Red Sea. The Associated Press and other outlets reported that Yemen's pro-Iran Houthi rebels seized Perim Island (Mayun Island), a strategic point in the Bab el-Mandeb Strait, just a day after capturing Mocha, a major Red Sea port. Saudi-backed Yemeni government forces withdrew from Perim Island on Sept. 10. Houthi fighters are being deployed along the Bab el-Mandeb coastline, according to the reports. Perim Island sits in the middle of the strait, splitting the waterway, and is a strategic chokepoint. Saudi Arabia, the world's largest oil producer, has relied on Red Sea shipping routes for crude exports since the war with Iran closed the Strait of Hormuz.
Stocks also drew some relief from U.S. consumer price data for last month, which landed within expectations. The Labor Department said August CPI rose 0.4% from July on a seasonally adjusted basis and 3.4% from a year earlier, both matching forecasts. Core CPI, which excludes volatile food and energy costs, rose 0.3% from July, above the 0.2% consensus. According to CME's FedWatch tool, the federal funds futures market raised the odds of a 0.25-percentage-point rate increase at the Federal Reserve's Sept. 15-16 policy meeting to 86.5% from 72.4% a day earlier, while cutting the probability of no change to 13.5% from 27.6%.
The yield on the 10-year U.S. Treasury note, the global bond market's benchmark, rose 0.027 percentage point to 4.971%, edging closer to the daunting 5% mark. The two-year yield, sensitive to monetary policy, climbed 0.080 percentage point to 4.630%. The 30-year yield, a reference for U.S. mortgages, fell 0.003 percentage point to 5.358%.
