Traders work at the New York Stock Exchange on June 17, 2026.

NYSE

U.S. stocks rose on Thursday, while oil prices declined, with traders looking to recover after the Federal Reserve indicated the possibility of a rate hike this year — a move that sparked a sell-off in equities during the previous session.

The S&P 500 and Nasdaq Composite climbed 1.2% and 1.7%, respectively. The Dow Jones Industrial Average rose by 212 points, or 0.4%.

Intel led chip stocks higher, rising 10% after President Donald Trump said the company will partner with Apple on designing chips in the U.S. Fellow semiconductor names such as Nvidia and Micron Technology were also higher by more than 1% and around 6%, respectively. The iShares Semiconductor ETF (SOXX) jumped more than 5%.

Meanwhile, oil prices dropped after Vice President JD Vance said tankers loaded with more than 12 million barrels have moved through the key Strait of Hormuz passageway. This comes after Trump on Wednesday signed ​a memorandum of understanding with Iranian President Masoud Pezeshkian to end the Middle East conflict.

U.S. West Texas Intermediate futures shed 3% to around $74 per barrel, while international benchmark Brent crude futures lost almost 3% to trade at roughly $77.

"I believe oil prices will continue to moderate if the strait stays open and the 60-day hold becomes clear that it's not going to be 60 days, it's going to be longer," said Robert Conzo, chief executive officer at The Wealth Alliance. "I think oil is going to do the work for the Fed and bring down inflation and help them moderate it," he also said.

Wall Street sold off Wednesday after the Federal Reserve's first meeting with Kevin Warsh as chairman raised worries about monetary policy going forward.

Policymakers' "dot plot" revealed that nine out of 18 Fed officials now see interest rates increasing in 2026.

Complicating the forecast was Warsh's decision to abstain from submitting a rate forecast. However, the chairman repeatedly emphasized the goal of achieving "price stability" during the press conference, exhibiting a tone seen as rather hawkish.

"There's uncertainty, but I think underlying that uncertainty is some pretty positive forces moving forward," Conzo added, citing strong earnings, the better-than-expected May jobs reading and recent upbeat retail sales figures as drivers.

Correction: An earlier version misstated the move in Brent crude oil futures.