TechFlowPost’s “US Stock Tide” column, published on June 12, 2026, described Thursday’s session on Wall Street, June 11 US Eastern Time, as a textbook V-shaped reversal. Capital that had fled the market one day earlier on inflation and war concerns reversed course within 24 hours. The Dow Jones Industrial Average surged 929.97 points, or 1.86%, to close at 50,848.75, reclaiming the 50,000-point mark. The Nasdaq rose 2.54% to 25,809.66, while the S&P 500 gained 1.75% to 7,394.30. The Russell 2000 advanced 3.02%, leading all major indexes, and the VIX fear gauge fell nearly 12%, dropping back below 20.
The notable part of the move was that the rally came directly against the hottest inflation report of the year. The May producer price index rose 6.5% from a year earlier, the highest reading since November 2022, and climbed 1.1% month over month, well above the expected 0.7%. The details looked even more forceful: goods prices rose 2.8% month over month, the largest single-month increase in that data series since records began in 2009. Roughly 80% of that move came from energy, while wholesale gasoline prices jumped 23.4% in a single month. Further upstream, first-stage intermediate demand prices rose 3.2% month over month, also setting a record.
On an ordinary trading day, the article noted, a report like that would have been enough to drag the Nasdaq down sharply. Instead, the market focused on one question: whether the war was ending. In the afternoon, Donald Trump announced that he had cancelled a planned strike on Iran scheduled for that evening. He also said Iran’s top leadership had approved a draft multilateral consensus agreement and that Israel and other allies had agreed “in principle.” After the news, WTI crude fell more than 4% intraday to around $86, while Brent dropped below $89. Because oil prices were described as the engine of this inflation round, the oil selloff directly weakened the ammunition behind the PPI shock. Trump’s own response to inflation was blunt: “I like it, I like this inflation,” and he said oil prices would fall “like a stone” once the war ended.
That produced a complete trading chain: a draft agreement, a sharp decline in oil prices, expectations that inflation had peaked, and a broad decision to buy risk assets. The sectors hit hardest the prior day—technology, industrials and materials—led the rebound. Defensive groups that had reached record highs on Wednesday, including consumer staples, real estate and energy, were sold. Across two trading days, the same pool of capital completed a full rotation from short to long exposure.
The strongest buying pressure was concentrated in AI hardware. Micron jumped nearly 12%, wiping out all of its losses for the week in a single session. SanDisk rose 14%. Intel gained about 10% after Bank of America upgraded the stock, citing a surge in CPU orders. AMD advanced 8%. From the Philadelphia Semiconductor Index’s breakdown on June 5, the sector took only four trading days to complete its sentiment repair.
Software names traded in a different market. Oracle fell 9.56% and closed near $184. The earnings beat did not matter to investors, according to the article; the market focused instead on cloud revenue missing expectations, negative free cash flow of $23.7 billion and a new $40 billion financing plan. After the close, Adobe delivered the standard combination of better-than-expected results and higher guidance. Second-quarter revenue was $6.62 billion, up 13% year over year. Full-year EPS guidance was raised to a range of $24.35 to $24.45. AI-related recurring revenue tripled year over year. The stock’s response was another decline of more than 5% after hours.
The immediate trigger for Adobe was CFO Dan Durn’s announcement that he would leave next Monday to join Marvell. That made him the second core executive to depart Adobe within three months, following CEO Narayen’s March announcement of a handover. Adobe’s stock had already fallen 38% for the year. In the article’s framing, the same AI narrative produced two very different market treatments: hardware was bought aggressively, while software was sold. The market’s message was harsh—money spent on computing power was visible, while software moats were not. The direction of executive movement matched the share-price action, as the CFO’s destination, Marvell, is a chip company.
Another motive behind Thursday’s late-session buying was Friday’s listing of SpaceX. The company priced its IPO at $135 per share and was set to list on Nasdaq under the ticker SPCX. The article described the transaction as having no precedent in size. The base offering was set to raise about $75 billion, nearly three times the previous record held by Saudi Aramco’s $25.6 billion deal. The issuance valuation was about $1.75 trillion, making SpaceX the seventh-largest company by market capitalization in the United States at listing, ahead of its sister company Tesla, whose market value was about $1.6 trillion.
Reported subscription demand exceeded $250 billion, around 3.5 to 4 times the fundraising target. About 30% of the allocation went to retail investors, three times the industry norm. Elon Musk would still hold more than 82% of the voting rights after the offering. Traders also had a follow-up event to mark on the calendar: under the rules, SpaceX would be added to the Nasdaq 100 Index 15 days after listing. At that point, global index funds tracking QQQ would have to buy mechanically, with the estimated scale of those purchases between $22 billion and $27 billion.
The risks were just as explicit. Senator Warren sent a letter to the SEC calling for the offering to be delayed, questioning whether the valuation was disconnected from financial fundamentals. SpaceX’s annual revenue was about $20 billion, implying a price-to-sales ratio of roughly 88 times, and Warren also challenged the dual-class share structure. Morningstar directly assigned a “significantly overvalued” assessment. There was also a more immediate market-structure issue: a $75 billion raise would draw liquidity from the secondary market within one week. The article stated that part of the violent volatility in storage and CPU names during the week came from investors moving positions to make room for IPO participation.
The column remained cautious about the quality of the rebound. Wednesday’s 953-point plunge and Thursday’s 930-point surge were both driven by the same person’s social media account. The draft agreement had not yet been signed, Iran’s confirmation was still coming through unofficial channels, and the conflict had already seen repeated reversals after being described as close to resolution. If one post could pull indexes back from the edge, another post could push them back toward stress.
The inflation line was not cleared either. The record increase in intermediate-demand PPI had already entered the pricing pipeline. Even if oil prices had peaked immediately, the article said the effect would still pass through to CPI over the next two to three months. Pricing for a 25-basis-point rate hike in December did not move after the data release. The European Central Bank had already raised rates to 2.25% on Thursday, and the Federal Reserve, Bank of Japan and Bank of England were due to appear in the following week’s central-bank lineup. The market was trading a perfect sequence—war ending, oil prices falling sharply, and rate hikes being cancelled—with all three links required.
The opposing evidence was also laid out. Core PPI rose 0.4% month over month, below expectations, and inflation momentum excluding energy was indeed slowing. Intel’s CPU orders and Micron’s demand were real orders rather than pure sentiment. If a peace agreement landed, the inflation path implied by $86 oil would be entirely different from the panic pricing seen during the week. In the column’s closing line, the SPCX opening price that night would be the most honest measurement of market risk appetite. A $75 billion new listing, an 88-times price-to-sales ratio and four-times oversubscription would place greed and skepticism into the same candlestick. The original article was written by Chaoxiang Research and listed TechFlow’s official community links: Telegram subscription group https://t.me/TechFlowDaily, official Twitter account https://x.com/TechFlowPost, and English Twitter account https://x.com/BlockFlow_News.