CNBC Business News Update - Market Midday: Stocks Higher, Investors Ramp Up For SpaceX IPO, Producer Inflation At A 3 Year High 6/11/26

Episode Date: June 11, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.cnbc.com/ for more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC, a rally on Wall Street this afternoon after a post by President Trump, saying attacks on Iran set for tonight have been canceled. With Middle East countries all signing off on a peace deal, the U.S. naval blockade in the Strait of Hormuz is still on until Iran finalizes the agreement. And all of this as investors gear up for what's forecast to be the biggest initial public offering in Wall Street history with SpaceX tomorrow. Let's get to the markets. The Dow soaring up 804 points led higher by shares of drug maker Amgen up 5%. The S&P 500 index up 90 points. The NASDAQ is up 409 points. And look at the chipmakers. Intel shares up 7%. AMD and micron technology, each up 5%. You've got Qualcomm up 4%, Broadcom up 3%, and Invidia. shares are up 1 and a quarter percent this afternoon.

It's too soon to say, oh, that's it. We saw the top of tech, never going to be as good again. People have made that call over the last three years on multiple occasions, and then pie right in the face. Ridholtz-Welts, Josh Brown on CNBC. SpaceX set to become the biggest IPO initial public offering in Wall Street history. Tomorrow, buckle up for possible extreme moves and high volatility. This all depends on.

on who receives allocation beginning tonight and whether or not they plan to hold on to it in the next few weeks. Either way, we're likely in for a pretty volatile ride. At the index level of those that have taken it in, yes? Yeah, both. I mean, if SpaceX is volatile, because it will be in these various indexes,

you could see that volatility in the indexes as well. I have seen reporting that brings up Facebook's first day, which we all remember was difficult. The hope is that we don't go there. I mean, this is a really, really big deal. You know, for example, Alibaba, the largest IPO ever listed in the U.S. is just a third of the size of this debut tomorrow.

So we've never seen anything like this at scale. CNBC's Leslie Picker and Carl Keentinea. CNBC's exclusive interview with the SpaceX C.O. and president, Gwynne Schottwell, begins at 5 a.m. Eastern tomorrow from the company's Texas headquarters on CNBC television. Coverage also at CNBC.com. Wholesale prices in the U.S. rose in May. PPI for the month of May. headline number up 1.1%. That is much warmer than we are expecting. Now, let's go year over year,

take a bigger view on the year over year numbers on headline. What we're looking at there is 6.5. Well, that would be the warmest going back to November of 22, November 22. Not good news there. Now, producer prices can, but not always indicate where consumer prices might be down the road. as many producers can try to pass along, at least some of their higher costs to consumers. Now, we don't say that what happens in the producer level translates directly into the consumer level. There's a thing called margins. Perhaps some of the price increase was eaten in margin by the people who were absorbing it, at least at the moment. So the question becomes, is this a sign of things to come?

Will it eventually be coming down the road? and the question becomes how long the producers will eat these margins. CNBC, senior economics reporter Steve Leesman. So producer prices hitting a three and a half year high right after we found out consumer prices have hit a three-year high. Americans facing inflation now of 4.2%. Jessica Eddinger, CNBC.