Wall Street indexes jump; Trump says strikes against Iran canceled

STORY: Wall Street's main indexes ended sharply higher on Thursday, with the Dow adding more than 1.8%, the S&P 500 climbing one-and-three-quarters percent and the Nasdaq jumping more than two-and-a-half percent.President Donald Trump canceled planned strikes on Iran and said a peace deal with Tehran could come as soon as this weekend.While oil prices dropped sharply, Ben McMillan, chief investment officer at IDX Advisors, warned that inflationary and other economic pressures wouldn't immediately subside. "It's not a spring where all of a sudden, once everything is signed and everybody agrees to a ceasefire, inflation magically comes down, even if the price of oil does. You know, supply chains have been disrupted, and not just oil, by the way, too, things like fertilizer, things that impact the food supply. And we're starting to see that percolate through the system."Feeding inflation worries, data on Thursday showed U.S. producer prices increased more than expected in May, leading to the largest annual gain in over three years.:: OracleAmong the day's stock moves, shares of Oracle bucked what was otherwise a strong day for tech stocks, plunging 8.5% after the firm projected capital spending plans for fiscal 2027 above Wall Street estimates.And shares of Adobe, down more than 6% at the close, plunged further in extended trading, despite the Photoshop maker raising its annual revenue forecast. The company also announced the departure of its CFO only three months after Adobe's CEO said he would step down.And SpaceX priced the biggest-ever U.S. IPO at $135 per share, making Elon Musk’s rocket maker one of the world’s most valuable companies. The IPO raised a record $75 billion, valuing the company at nearly $1.8 trillion, a record for an initial offering. Trading is set to begin on Friday.