Wild Stock Swings, The “K” Comes for Housing, and The Evolving Capex Trade 6/9/26

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**Kelly Evans** (0:57)
You're listening to The Exchange, here's today's show.
Thank you very much, Scott. As you can see on your screens there, those market gains we had earlier on are fizzling this hour. Welcome to The Exchange, I'm Kelly Evans. The Nasdaq is down nearly 3% right now after being up more than 1% earlier. As for the chip names, the SMH is down more than 6% right now, a little less than that. Marvell, the biggest loser, down 13 Arm and AMD down as well. Adding to the pressure, President Trump writing on Truth Social just a few moments ago that the US must respond to Iran shooting down a US Apache helicopter that was patrolling the Strait of Hormuz. Apparently, this was last night. Megan Casella is live in Washington with the very latest. Megan, what's happening?

**Megan Casella** (1:44)
Kelly, that's right. We just heard from the president in the last 15, 20 minutes or so on this. We did not previously know who was responsible for the shooting down of a US Army helicopter late last night. But the president writing on Truth Social that it was Iran. And he said that nevertheless, the United States must, of necessity, respond to this attack. Now Kelly, CENTCOM said earlier today in a statement the incident occurred about 7:30 p.m. last night that the soldiers were safely rescued within, they said, two hours and are in stable condition. At the time this morning CENTCOM had said the cause of the incident is under investigation. So now the president confirming that the US military believes Iran was behind that attack and so therefore will be responding to the attack itself. Now the risk here, Kelly, of course, and this is what you can see markets responding to, is whether this might lead to some vast escalation of the war, whether it might lead to a formal end to the ceasefire that has already been challenged significantly in recent days. This, of course, coming after a few days in which we saw Iran and Israel exchanging fire in a way we hadn't seen since the ceasefire first took effect in early April. Now, we had been told last night by the president that negotiations had been ongoing, and he said again last night that we were just two or three days away from a deal, similar rhetoric to what we've been hearing from the president all along. At the time, he just said that these pilots were okay and that a forthcoming statement on the incident would be coming. Now, that we get that, we see that actually there's going to be a formal response. What we don't know is how much further the military response will go after that. Kelly.

**Kelly Evans** (3:10)
Megan, I just want to point out as we're looking back over the TikTok of this timeline, it's not even clear the markets are responding to this tweet.
Although it may yet escalate the situation, but let's put up the price of oil. We can show the intraday of the S&P or the NASDAQ, which were under kind of mounting pressure going into, certainly doesn't help, but it might be more about market internals than about what the president is telling us here.

**Megan Casella** (3:35)
That's absolutely right. We had just been talking in the newsroom here about why markets were moving, why oil was moving the way that it was, but it looked like oil was actually moving down just before we got this post from the president and then things started to move back up. I believe that was the timeline there, but we still need to look back at the timestamps and see how all of this impacted it. You know, it's very possible, we've been talking a lot about how, because we've been hearing so many news, incremental news developments on this war for weeks now, that it's unclear how much markets are continuing to react to all of it. But I will say, Kelly, that not to be lost amid all of the noise, this is a big development from the president, whether or not it's behind the market movements today, because we had not previously known Iran was behind this incident. Now the president blaming Iran first, the shooting down of a US. Army helicopter, thank goodness the two pilots are okay, but clearly the US saying that they have to respond, and we just don't know what comes next after that and whether it could be even more.