03:45 PM EDT, 06/11/2026 (MT Newswires) -- (Updates with index and price moves and cancellation of planned attacks on Iran from the first paragraph.)

US equity indexes shot up after President Donald Trump canceled planned attacks on Iran and as core producer price inflation grew less than forecast.

The Dow Jones Industrial Average jumped 1.8% to 50,814.5, the Nasdaq Composite surged 2.2% to 25,718.8, and the S&P 500 advanced 1.6% to 7,386.6 ahead of Thursday's close.

In a social media post, Trump said he is canceling the attacks planned for Iran on Thursday.

"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump said in the post.

Crude oil futures fell, with front-month global benchmark North Sea Brent down 4% to $89.42 per barrel and US West Texas Intermediate lower by 3.5% to $86.90 per barrel.

The core Producer Price Index, which excludes the more volatile food and energy prices, grew 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and a 0.7% rise in April. Core PPI remained at 4.9% year-over-year but below the 5.4% consensus.

Headline producer prices rose by 1.1% in May, the same as in April but above the forecast for a 0.7% gain. PPI jumped 6.5% year-over-year, the strongest pace since November 2022, from 5.7% in the previous month. Energy prices surged almost 11% in May following a 7.5% jump in April, according to a Stifel note.

"This is a Fed that has been willing to tolerate above-target inflation for years, so any notion of a temporary, or bringing back a favorite word, 'transitory' impact from higher energy prices will not be enough to force the Fed's hand," Stifel Chief Economist Lindsey Piegza said in the note.