{"id":2841,"date":"2026-06-24T16:12:32","date_gmt":"2026-06-24T16:12:32","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2841"},"modified":"2026-06-24T16:12:32","modified_gmt":"2026-06-24T16:12:32","slug":"wall-st-rebounds-with-broad-gains-as-oil-slides-sharply","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2841","title":{"rendered":"Wall St rebounds with broad gains as oil slides sharply"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>June 24 (Reuters) &#8211; Wall Street&#8217;s major indexes rose with broad-based gains on Wednesday after two straight \u200bsessions of declines, as a sharp retreat in oil prices aided sentiment while investors awaited Micron&#8217;s earnings.<\/div>\n<div>Oil prices fell to their lowest since the start of \u200cthe Iran war as more oil tankers were expected to move out of the Strait of Hormuz. U.S. President Donald Trump said Iran had told Washington that no tolls were being sought.<\/div>\n<div>Airlines and cruise operators moved higher with the S&amp;P 500 passenger airlines index (.SPLRCALI)<svg><\/svg><span>, opens new tab<\/span> last up 4.4% at an all-time high. Industrial shares (.SPLRCI)<svg><\/svg><span>, opens new tab<\/span> rose 1.8%.<\/div>\n<div>With high-flying tech shares \u200bcoming under renewed pressure, other areas of the market such as healthcare and consumer staples have benefited in recent days.<\/div>\n<div>&#8220;There is a \u200bbit of profit-taking right off the top when you look at some of the names that have been rotating out, especially \u2060yesterday, and where the money is going into,&#8221; said Brian Mulberry, chief market strategist at Zacks Investment Management.<\/div>\n<div>&#8220;It seems like a really clear rotation \u200bof people blowing off the top and coming back into names that are either undervalued or a little bit overlooked.&#8221;<\/div>\n<div>Concerns around debt-backed spending by hyperscalers \u200band a potentially more hawkish Federal Reserve fueled the market downturn this week, wiping off more than $1 trillion in market value from the Nasdaq 100.<\/div>\n<div>Increased volatility in tech names has intensified focus on Micron&#8217;s results due after the bell, as it is a key beneficiary of surging demand from companies investing billions in AI infrastructure. The stock has surged \u200bmore than 250% in 2026 and was last down 1.3%.<\/div>\n<div>Nine of the 11 major S&amp;P 500 sectors moved higher, with the consumer discretionary sector (.SPLRCD)<svg><\/svg><span>, opens new tab<\/span> \u200brising the most at 2.4%.<\/div>\n<div>At 11:42 a.m. ET, the Dow Jones Industrial Average (.DJI)<svg><\/svg><span>, opens new tab<\/span> rose 527.17 points, or 1.03%, to 52,194.01, the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> gained 48.75 points, or 0.66%, \u200cto 7,414.21 \u2060and the Nasdaq Composite (.IXIC)<svg><\/svg><span>, opens new tab<\/span> gained 165.68 points, or 0.65%, to 25,752.72.<\/div>\n<div>Homebuilders soared after Trump canceled a planned signing of bipartisan legislation aimed at speeding up availability of affordable housing. Hovnanian Enterprise (HOV.N)<svg><\/svg><span>, opens new tab<\/span> jumped 13.5%, while Pultegroup (PHM.N)<svg><\/svg><span>, opens new tab<\/span> and Toll Brothers (TOL.N)<svg><\/svg><span>, opens new tab<\/span> rose 9.4% and 8.4%, respectively.<\/div>\n<div>Middle East developments were closely monitored with the U.S. and Iran offering conflicting accounts on a range of key issues including financial incentives for Iran, control over the Strait of Hormuz and Israel&#8217;s war in Lebanon.<\/div>\n<div>Optimism \u200bsurrounding an end to the war \u200band strong earnings growth expectations \u2060have put the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> on track for its strongest quarterly gain in six years, despite expectations of higher interest rates.<\/div>\n<div>Traders are adding to bets of a second rate hike from the Fed by December-end, according to CME \u200bGroup&#8217;s FedWatch tool, from prior expectations of a single 25-basis-point rise.<\/div>\n<div>The closely watched Personal Consumption Expenditures Price Index, \u200bthe Fed&#8217;s preferred \u2060inflation gauge, could offer fresh insight on the monetary policy path on Thursday.<\/div>\n<div>Among other movers, Cerebras Systems (CBRS.O)<svg><\/svg><span>, opens new tab<\/span> tumbled 17.3% after the chip designer forecast full-year profit margins would drop below first-quarter figures in its debut report after going public.<\/div>\n<div>Hertz (HTZ.O)<svg><\/svg><span>, opens new tab<\/span> tumbled 28% after the car rental firm said it expects second-quarter adjusted core earnings near \u2060the lower \u200bend of its forecast range and announced a proposed offering of $100 million of common stock.<\/div>\n<div>Advancing \u200bissues outnumbered decliners by a 1.56-to-1 ratio on the NYSE and by a 1.55-to-1 ratio on the Nasdaq.<\/div>\n<div>The S&amp;P 500 posted 21 new 52-week highs and 3 new lows while the \u200bNasdaq Composite recorded 167 new highs and 105 new lows.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2840\">Trump set to mark nation\u2019s 250th birthday with campaign-style rally<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2838\">Ships start sailing through Hormuz under UN evacuation scheme, agency says<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2836\">US-Iran deal may leave Netanyahu as biggest casualty<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street&#8217;s major indexes rose with broad-based gains on Wednesday after two straight \u200bsessions of declines, as a sharp retreat in oil prices aided sentiment while investors awaited Micron&#8217;s earnings.<\/p>\n","protected":false},"author":1,"featured_media":2704,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[54],"class_list":["post-2841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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