U.S. markets enter Friday, June 12, 2026, with conditions set by the Thursday, June 11 close. Stocks rebounded. Small caps led. Technology recovered. Treasury yields eased. The dollar slipped. Oil prices fell after the U.S.-Iran strike risk cooled. Gold moved higher as yields and the dollar softened.

The S&P 500 closed at 7,394.30.
The Nasdaq closed at 25,809.66.
The Dow closed at 50,848.75.
The Russell 2000 closed at 2,921.03.

The surface strengthened. The internal structure improved, with small caps and technology both participating.

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Thursday’s session showed gains across all major indexes.

The Russell 2000 rose +3.0%.
The Nasdaq gained +2.5%.
The Dow rose +1.9%.
The S&P 500 gained +1.8%.

That ranked the major indexes from strongest to weakest as: Russell 2000, Nasdaq, Dow, S&P 500.

The Russell 2000 gained 85.57 points.
The Nasdaq gained 640.16 points.
The Dow gained 929.97 points.
The S&P 500 gained 127.31 points.

Small caps had the strongest move of the day. That was the cleanest breadth signal after several sessions where leadership leaned heavily on large-cap technology. The Nasdaq also recovered after recent pressure. Chip and AI-linked shares bounced, helping restore some support to the growth side of the tape. The Dow moved back above 50,000 after falling below that level on Wednesday. The S&P 500 recovered most of Wednesday’s decline. The session was a broad rebound. The strongest move came from smaller companies, but technology also joined the advance.

Treasury yields moved lower through the session.

The 10-year yield moved near 4.53%.
The 2-year yield held near 4.14%.
The 30-year yield moved near 4.95%.
The move gave equities some relief after Wednesday’s tighter setup.
The 10-year stayed in the mid-4% range.
The 30-year remained close to 5%.

Rates eased, but they did not become loose. Borrowing costs remain elevated across the curve. The bond market improved at the margin, but the level still keeps financial conditions firm.

The dollar slipped through Thursday’s session. The U.S. Dollar Index moved near 99.7. The dollar did not break sharply lower. It stayed close to the 100 level. The move still mattered because weaker dollar conditions helped support risk assets and precious metals. The level remains a key reference point for commodities, global liquidity, and foreign earnings translation.

Commodity markets moved lower in oil and higher in gold.

WTI crude settled at $87.71.
Brent crude settled at $90.38.
Spot gold traded near $4,153.71.
Gold futures settled near $4,114.

Oil prices fell as planned U.S. strikes against Iran were canceled.

WTI declined 2.6%.
Brent declined 2.9%.
WTI moved back below $90.
Brent moved closer to the low-$90s.

The move reduced some immediate energy pressure after Wednesday’s jump. Oil remained elevated, but the daily direction was less inflation-sensitive. Gold recovered from Wednesday’s sharp selloff. Spot gold rose as yields and the dollar eased. The commodity backdrop became less oil-stressed, but still tied to geopolitics and inflation data.

Thursday’s key macro number was producer inflation.

Producer prices rose 1.1% in May.
Producer prices rose 6.5% from a year earlier.
Energy prices rose 10.7%.
Gasoline prices jumped 23.4%.

The PPI data kept inflation pressure visible. But markets focused more on the cooling in immediate oil-shock risk. Stocks rose. Yields eased. The dollar slipped. Oil prices fell. Gold recovered. Small caps led the equity tape. The session showed a cleaner market tone than on Wednesday. The rebound was broader, and the Russell 2000 led the ranking. The main tension did not disappear. Producer inflation remained hot, but lower oil and softer yields gave risk assets room to recover.

Key reference levels:

Markets enter Friday after a broad Thursday rebound. Small caps led. The Nasdaq recovered. The Dow moved back above 50,000. The S&P 500 regained most of Wednesday’s decline. Yields eased. Oil prices fell. The dollar softened. Gold moved higher.

The key backdrop: market breadth improved as the Russell 2000 led the major-index ranking, while lower oil and softer yields helped offset a hot PPI print. The setup is stronger than Wednesday’s close, but inflation pressure remains visible in the data.