Dow Ekes Out a Gain While Nasdaq Slumps — Then the U.S. Struck Iran After the Bell

U.S. equities closed in mixed fashion on June 9 (ET). The Dow Jones Industrial Average gained 86.10 points, or 0.17%, to finish at 50,872.11. The S&P 500 slipped 0.26% to 7,386.65, while the tech-heavy Nasdaq Composite fell 0.97% to 25,678.82.^[TheStreet] These figures reflect the regular-session close, which came before the U.S. military launched strikes against Iran that evening.

Sector Split: Food Stocks Lead, Energy and Tech Lag

Sector rotation defined the session. According to CNBC, food and beverage companies were the day's top performers, with the group gaining 2.11%, while mining and oil & gas dropped 2.41% and 2.26% respectively, and information technology fell nearly 2%.^[CNBC] The pullback in energy and mining tracked a softer oil price on the day — Energy Secretary Chris Wright said shipping traffic through the Strait of Hormuz was "recovering significantly," a comment that weighed on crude.

On the individual stock front, J.M. Smucker (SJM) surged more than 10% on strong earnings, while Cracker Barrel (CBRL) jumped 7% in Tuesday's after-hours session after the company raised its full-year revenue and adjusted EBITDA guidance.^[CNBC] On the tech side, Apple (AAPL) extended Monday's losses, closing down 3.64% at $290.55 as investors remained underwhelmed by the AI features unveiled at WWDC.^[TradingKey]

Chip Bounce Fails to Hold

Semiconductors gave back ground after Monday's rebound. CNBC reported that Broadcom (AVGO) and Micron (MU) sold off sharply intraday before recovering some losses into the close; AMD and Intel (INTC) both finished lower.^[CNBC] TheStreet noted that the VanEck Semiconductor ETF (SMH) fell roughly 1% on the day — a sharp contrast to its 6% rebound on June 8, which itself came after a roughly 10% single-day collapse on June 5 that was the ETF's worst day in six years.^[TheStreet]

Iran Dominates Intraday Action — Then Strikes Come After the Bell

Geopolitics drove the session's volatility. According to TheStreet, markets hit their intraday lows shortly before 1 p.m. ET after Trump posted on social media that the pilots whose helicopter was shot down the previous night were safe but that "the United States must respond to this attack." Stocks pared those losses after the New York Times reported that the U.S. and Iran were discussing a 15-year uranium enrichment freeze.^[TheStreet]

After Tuesday's close, the U.S. military launched what it described as "defensive strikes" against Iran, TheStreet reported.^[TheStreet] Since the strikes came after the regular session, the immediate market reaction was expected to show up first in commodities — particularly oil — in after-hours and next-day trading. U.S. crude futures had dipped during the regular session, though the forward curve reportedly continued to rise, reflecting persistent market concern about a potential Hormuz disruption.

Backdrop: Strong Jobs Data Has Lifted Rate-Hike Expectations

A second thread running through markets has been the interest rate outlook. The May nonfarm payrolls report released June 5 showed 172,000 jobs added — well above the 80,000 consensus forecast from a Dow Jones survey — with the unemployment rate holding at 4.3%.^[CNBC] Following that print, the CME FedWatch tool showed markets pricing in roughly a 70% probability of a Fed rate hike before year-end 2026. In a rising-rate environment, growth and tech stocks tend to feel the most pressure on valuations — part of the reason the Nasdaq has been lagging the Dow.

What's Ahead

The near-term calendar is packed with inflation data and earnings. The BLS releases May CPI at 8:30 a.m. ET on June 10; that same day, Oracle (ORCL) reports after the bell and Chewy (CHWY) reports before the open. June 11 brings May PPI, the ECB's rate decision, and Adobe's earnings.

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