By George Glover and Kit Norton
Stocks rose Thursday as investors loaded back up on tech plays following a brutal two-session selloff and ahead of SpaceX's upcoming initial public offering.
Investors also weighed hotter-than-expected wholesale inflation, with the producer price index increasing to a seasonally adjusted 1.1% in May. Meanwhile, President Donald Trump continued to threaten Iran, posting to social media the U.S. would strike the country "VERY HARD" Thursday night and take "total control" of Iran's oil and gas markets.
Oracle missed out on the tech rally and led decliners among S&P 500 components. The stock fell 13% after the software company issued disappointing sales guidance for the current quarter and kept its full-year outlook unchanged. Oracle also reported larger-than-expected capital expenditures to fund AI data centers.
Chip manufacturer Intel advanced 9.7% to $117.26, leading the S&P 500 for the trading session, after Bank of America upgraded shares to Buy from Underperform and raised their price target to $135 from $96.
Server maker Super Micro Computer declined 0.3%, having slumped 28% on Wednesday after outlining a planned stock sale to raise $7 billion.
Lumentum rose 0.2% to $858 and Coherent advanced 1.2% to $360. The optical networking stocks have been hammered by the recent AI selloff. J.P. Morgan reiterated Overweight ratings for Lumentum and Coherent, maintaining price targets of $1,130 and $380, respectively.
Some of the memory stocks that have benefited most from the AI boom also came roaring back.
Memory-chip maker Micron Technology advanced 2.2% as investors shrugged off rival SK Hynix's plan to triple wafer capacity. Flash memory product supplier Sandisk gained 4.3% and hard disk drive maker Western Digital advanced 2%.
Nvidia rose 1%. The chip maker was one of the investors in a funding round of up to $1.4 billion for Germany's Neura Robotics, announced on Wednesday. Nvidia appears to be looking bolster its position in physical AI -- an industry term covering robots, autonomous vehicles, and other autonomous machines.
These stocks also were making moves:
Lam Research rose 6.5% to $343.10 and KLA climbed 6.4% to $2,272 after Barclays hiked price targets for both chip equipment makers. The firm raised its price target for Lam to $335 from $275 and its price target for KLA $2,250 from $1,700.
Navan soared 17% after the corporate travel and expense management company beat analysts' first-quarter earnings target and raised its fiscal-year guidance.
InterDigital jumped 14%. The research and development company -- which specializes in wireless, video and AI technologies -- announced it has entered into a patent license agreement with Amazon.com and that both companies have agreed to resolve all pending litigation.
Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com
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(END) Dow Jones Newswires
June 11, 2026 10:01 ET (14:01 GMT)
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