04:32 PM EDT, 06/11/2026 (MT Newswires) -- (Updates with market moves at the end of the day and any new developments.)

US equities rallied Thursday, pushing major indexes to their best day in more than two months, while oil prices tumbled after President Donald Trump signaled a breakthrough in talks with Iran to end the war.

The Nasdaq closed 2.5% higher at 25,809.7, while the Dow Jones Industrial Average advanced 1.9% to 50,848.8. The S&P 500 climbed 1.8% to 7,394.3. All three indexes notched their biggest one-day percentage gains since April 8. Most sectors were in the green, led by materials and industrials, while energy saw the biggest drop.

West Texas Intermediate crude oil was down 4% at $86.39 a barrel in Thursday late-afternoon trade, while Brent fell 4.4% to $89.03.

Trump said on Thursday that the US "just made a great settlement of the war with Iran," subject to the "finalization of documents," CNBC reported.

A deal is expected to be signed "over the next few days," he reportedly said.

Earlier in the day, Trump canceled scheduled strikes against Iran following increased hostilities, including US strikes in response to Tehran shooting down an American Apache helicopter.

The Organization of the Petroleum Exporting Countries lowered its global oil demand growth forecast for this year, but raised its expectations for 2027.

US Treasury yields tumbled, with the 10-year rate last down nine basis points at 4.47% and the two-year rate falling 9.8 basis points to 4.06%.

In economic news, US producer prices rose more than projected in May, matching the previous month's pace, while the annual increase reached the highest since late 2022 amid surging energy costs, government data showed.

On Wednesday, consumer price data showed inflation accelerating to the fastest pace in about three years last month, reinforcing expectations that the Federal Reserve will keep interest rates on hold for some time.

"A fresh multiyear high in consumer and producer prices underscores the pain befallen on consumers resulting from disruptions in the global energy market," Stifel said in a note. "For the Fed, dangerously high levels of inflation suggest additional accommodation is off the table, at least for now."

In company news, Eaton (ETN) will combine its mobility business with auto parts supplier Dana (DAN), creating a global powertrain entity valued at more than $10 billion. Eaton shares advanced 4.8%, while Dana slumped 15%.

Oracle (ORCL) shares slumped 8.5%, the second-worst performer on the S&P 500. Late Wednesday, the cloud computing company's fiscal fourth-quarter results surpassed Wall Street's estimates, driven by rising demand for cloud infrastructure amid an artificial intelligence boom.

UBS Securities said Thursday the sell-off in Oracle's shares could be due in part to its higher-than-expected capital expenditure outlook for the year.

Gold was up 0.9% at $4,169.10 per troy ounce, while silver rose 1.9% to $66 per ounce.