The Prime Daily: 11 June 2026

By Prime Research | Last Modified: Jun 11, 2026 11:00 AM IST

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U.S. stocks Fell Sharply as President Trump Threatens more Iran attacks

U.S. stocks tumbled sharply on Wednesday after President Donald Trump warned that talks with Iran were “taking too long” and threatened further action. The Dow plunged 953.33 points (1.87%) to 49,918.78, the S&P 500 slipped 1.62% to 7,266.99, and the Nasdaq Composite fell 1.98% to 25,169.50.

Semiconductor names again led the weakness. Micron Technology, Advanced Micro Devices and Broadcom all declined, marking their fourth down day in five sessions. The iShares Semiconductor ETF (SOXX) dropped more than 3%.

Some traders attribute selling in chip names to position adjustments ahead of Friday’s SpaceX IPO, with retail investors freeing up capital for what could be the largest IPO ever.

On the macro front, May’s core consumer price index (ex-food and energy) was a bit lower than expected at 0.2% month-on-month versus a 0.3% consensus. Year-on-year core CPI held at 2.9%, matching estimates but still above the Fed’s 2% target. Headline inflation, which includes all items, climbed above 4% for the first time in three years.

In commodities, gold plunged over 4% amid a stronger dollar and equity weakness, while oil rallied after fresh U.S. strikes on Iran stoked fears of prolonged supply disruptions. Brent August futures gained nearly 2% to about $95 a barrel.

Asian markets opened lower, dragged by the Wall Street selloff and rising crude, with renewed U.S.-Iran tensions adding to risk-off sentiment.

Coming to our markets, Indian benchmark indices witnessed another volatile session yesterday, with the Nifty closing 27 points lower at 23,214. After a muted start the index rallied more than 200 points from early lows in the first half, but a sharp reversal in the second half erased gains.

The broader markets faced significant selling pressure, with the Microcap 250, Smallcap 100, and Midcap 100 all forming bearish engulfing patterns on the daily charts. After Monday’s outperformance, these indices lagged the benchmark yesterday, as the Nifty Midcap 100 and Smallcap 100 fell 1.49% and 1.33%, respectively. Market breadth weakened considerably, with the BSE advance-decline ratio sliding to 0.54.

Technically, Nifty remains in a downtrend, trading below all key moving averages. A decisive close below 23,000 could trigger further downside towards the 22,700–22,800 support zone, while 23,515 is expected to act as immediate resistance on any pullback.

Indian markets are expected to open lower on the back of weak global cues

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