Tech Stocks Lead US Markets to Record Highs on June 02

US stock markets closed at record levels on Monday as technology stocks soared and Middle East tensions eased. The S&P 500 rose 0.26% to 7,599.96, the Dow gained 0.09% to 51,078.88, and the Nasdaq jumped 0.42% to 27,086.81. Nvidia led the rally after unveiling a new processor for personal computers, while oil prices retreated on hopes of a US-Iran peace deal.

Nvidia Drives Tech Rally to New Records

Nvidia shares climbed over 6% after the company announced a new laptop chip at the Computex Taipei conference. Dell Technologies and HP Inc followed higher, rising more than 10% and 8% respectively. Intel fell over 4% as investors rotated into companies benefiting from the new AI processor. The tech-heavy Nasdaq Composite gained 0.42% to close at 27,086.81, with all three major indexes reaching intraday and closing records.

Oil Prices Trim Gains on Peace Deal Hopes

West Texas Intermediate crude settled at $92.54 per barrel, up 5.93% for the day, while Brent crude added 4.24% to $94.98. President Trump posted on social media that talks with Iran were continuing at a rapid pace, easing earlier concerns about Middle East conflict. Oil had spiked after Iranian state media reported plans to shut the Strait of Hormuz, but Trump’s comments reversed the momentum. Energy was the only other S&P 500 sector in positive territory besides tech.

Broader Market Momentum Continues

The S&P 500 advanced 0.26% to 7,599.96, while the Dow Jones Industrial Average added 46.42 points, or 0.09%, to end at 51,078.88. Marathon Petroleum rose about 4%, while Exxon Mobil and Chevron increased 2.8% and 1.9% respectively. Investors now await Friday’s nonfarm payrolls report, which will provide clues about labor market strength and help shape Federal Reserve interest rate expectations for the months ahead.

Hong Kong Markets Rise Despite Mainland Tech Weakness

In Hong Kong, the Hang Seng Index rose 215 points, or 0.9%, to 25,398 on turnover of HK$330.94 billion. The China enterprises index gained 1% to 8,507 while the tech index rose 1.7% to 4,964. Mainland Chinese stocks weakened to their lowest levels in six weeks as the CSI AI Index fell 2.5% and the CSI Semiconductor Index dropped 5.8% to a two-week low. Analysts attributed the mainland decline to profit-taking after outsized tech gains and concerns about overcrowded positions in chipmaking and AI stocks.

Final Thoughts

US markets hit records on Nvidia’s new chip and Middle East peace optimism, with the S&P 500 up 0.26%. Tech led the rally while oil retreated. Friday’s jobs report will be key to the next move.

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