NEW YORK, June 1, 2026, 11:03 EDT
- Dow down roughly 0.2%. S&P 500 is flat. Nasdaq moves a bit above the line in late-morning trading.
- Nvidia and Microsoft traded higher after rolling out a new AI PC chip push. Qualcomm, AMD and Intel slipped.
- Brent crude climbs over 6% after new Iran-linked risks bring inflation and rates concerns back into the market.
Stocks were mixed late Monday, with the Dow in the red and the S&P 500 flat. Gains in artificial intelligence names managed to offset some of the pressure from oil, which climbed after new Middle East worries.
Dow slips, Nasdaq inches up; 15-minute delay on LSEG data LSEG data from Reuters showed the Dow Jones Industrial Average dropped 111.70 points, or 0.22%, to 50,920.76. The S&P 500 held near flat at 7,580.01. The Nasdaq Composite ticked up 0.01% to 26,975.24. The figures were delayed by at least 15 minutes.
Stocks are testing record highs as Wall Street weighs continued AI spending against risks from rising oil prices and sticky inflation. Brent crude added 6.11% to $96.69. The U.S. 10-year Treasury yield was at 4.453%.
Nvidia gave markets a lift. Shares of the chipmaker jumped 4.34% to $220.31 after it rolled out a new processor targeting AI on personal computers. Microsoft, which works with Nvidia on the PC side, added 2.44% to $461.21.
Nvidia CEO Jensen Huang told Reuters the RTX Spark chip is the result of a three-year project with Microsoft to “reinvent the PC” for AI. This brings Nvidia into sharper competition with Advanced Micro Devices, Intel and Apple in the PC chip business. Reuters
Chip stocks didn’t all move the same way. Qualcomm dropped almost 7.0%, AMD slid 2.36% and Intel lost 3.89%, as investors split up the winners and the losers instead of moving into the group as a whole. Micron was up 5.99% at $1,029.18, with its memory chips used with AI processors.
Nvidia could grab market share from rivals as it grows, Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters. Neil Shah, co-founder of Counterpoint Research, said Nvidia’s new chip has the potential to be an “RTX Spark moment” for PCs. Reuters Reuters
Oil traded lower on the news. Iran’s Tasnim news agency reported that Tehran is stopping message exchanges with the U.S. via mediators and has set an agenda to block the Strait of Hormuz, which handles much of the world’s oil and LNG shipments. Reuters also quoted Iranian Foreign Minister Abbas Araqchi, who said the U.S. and Israel would carry the blame if the ceasefire breaks down.
Moves in fuel prices sent shares of companies like United Airlines down 4.61% and Carnival off 3.37%. Exxon Mobil climbed 2.78%. The United States Oil Fund, which tracks oil, jumped 7.03%.
Not everything was bearish in the macro picture. U.S. manufacturing activity picked up more than forecast in May, with the Institute for Supply Management’s manufacturing PMI up to 54.0 from April’s 52.7, hitting its best level since May 2022. Economists polled by Reuters had looked for 53.0.
Prices paid by factories stayed high, though the rise slowed, the report said. That keeps the Federal Reserve in focus. Reuters reported traders now see nearly a 70% chance of a quarter-point rate hike before year-end. Investors are also watching for Friday’s May payrolls report and Broadcom earnings coming Wednesday.
Jacobsen said, “Passing the baton from one chair to the next isn’t always a smooth process,” and noted that a less-open Strait of Hormuz would likely push the Fed to issue a more hawkish statement, signaling more focus on higher rates to tackle inflation. Kathleen Brooks, research director at XTB, told Reuters any setback on a U.S.-Iran deal “could knock market sentiment.” Reuters Reuters
Breadth remained an issue. Early in the session, losing stocks topped gainers on both the NYSE and Nasdaq, according to Reuters. Stifel equity strategist Thomas Carroll said the S&P 500’s ten largest stocks now make up close to half of the index’s value. Carroll said a breadth indicator he watches “is signaling a rotation is coming.” Reuters AP News
Deal news gave markets a jolt. Berkshire Hathaway is buying Taylor Morrison Home for $6.8 billion in cash, marking its first big takeover since Greg Abel took over as chief executive. Taylor Morrison shares surged 22.43%. Berkshire Class A fell 0.55%.
Right now, markets are leaning hard on AI to keep the index up, but oil and interest rates aren’t far from the picture. A stronger jobs number, crude moving up again, or tech names losing ground would put that bet under pressure fast.
