Paging Dr. Copper - Heard on the Street Recap -- WSJ

Dow Jones
May 12

By Heard Editors

What Happened in Markets Today

Stocks paused as investors awaited news on Iran. President Trump said the cease-fire was on "massive life support." The S&P 500 added 0.2% and the Nasdaq Composite rose 0.1%. The Dow Jones Industrial rose 95 points, or 0.2%.

Optical networking providers leap higher. Shares of Lumentum Holdings led the S&P 500, surging more than 16%, with Coherent and Corning also up double-digits. Data centers are driving higher demand. Lumentum is joining the Nasdaq 100 index.

Copper prices hit record highs. Construction of data centers is likewise driving up the need for copper writing. Futures prices settled at $6.4135 a pound in New York, up 40% from a year ago.

Home buying is still slow. April's 0.2% increase in sales of existing homes was far below economists' forecast of a 3% rise at the start of the spring season.

Discounter retail shares slumped. Shares of Dollar General led S&P 500 decliners, falling over 7%. Target, Ross Stores and Dollar Tree also dropped more than 4%. A key consumer sentiment indicator tumbled at the end of last week.

This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 11, 2026 17:30 ET (21:30 GMT)

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