Stock Market Live June 10, 2026: S&P 500 (SPY) Sinks on Fear of War

Futures are deep in the red with war fears intensifying again. At the moment, the S&P 500 is down about 1.06%, or by 78 points. The SPDR S&P 500 ETF (SPY) is down by 1.05%, or by $7.74. The Dow is down 0.95%, or by 486 points. The Nasdaq is down 1.6%, or by 475 points.

“Recent days of hostilities showed how close the two foes have come to the edge even while trying to keep their military actions measured,” says The Wall Street Journal. And, according to Trump on social media, “They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price.”

That’s Fueling Fear of $150 Oil

Oil is up by $1.76 at $89.92, and could gush to $150 if the Iranian war doesn’t end soon, as noted by Claudio Galimberti, chief economist at Rystad Energy, as quoted by CNBC.

“At this point, unless we solve [the Middle East conflict], unless we start to see an increase in the flow, then we are going to see lower and lower inventories, which means higher and higher prices,” Galimberti added.

Not helping, Exxon Mobil just warned that oil inventories will hit “really, really low levels” in the coming weeks with the conflict. “We’re approaching unheard of inventory levels,” said Exxon Senior Vice President Neil Chapman. “I mean, really, really low levels. You can debate whether that’s going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you’ll see price shoot up.”

Wall Street Waiting on May CPI 

At 8:30 AM EST, the market will get the latest batch of CPI data for May. The data is expected to show inflation running at a 4.2% annual rate, with an expected monthly gain of 0.5%. That would be the highest reading we’ve seen since April 2023. And unfortunately, these numbers could become far worse if the war is allowed to go on longer.

In April, CPI jumped by a seasonally adjusted 0.6%, which drove the annual rate to 3.8%. That was the highest annual inflation rate since May 2023.

Gold Prices Could Fall Another 20% 

According to analysts at Citi, gold prices could fall another 20% by September.

That is, if the Strait of Hormuz remains closed until the end of summer. That means an asset generally considered a safe haven asset is higher risk in the short term.

“The near-term risk skew therefore looks negative, and dip buying here makes sense only with a strong view of no re-escalation,” the analysts said, as quoted by CNBC. “Longer term, we maintain a bullish gold view, but we believe it is extremely high-risk in the near-term for anyone without very wide stops and longer-term investment horizons.”

Contact [email protected] for any questions or corrections.