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June 2, 2026 - 17:16
5 minutes
(Bloomberg) — A revival of the artificial-intelligence trade kept fueling Wall Street momentum, with stocks also rising on hopes for an agreement that would end the war that has roiled financial markets around the world.Tech giants led equities toward all-time highs, with the S&P 500 topping 7,600. The gauge was on track for a nine-day winning run. Marvell Technology Inc. surged 26% as Nvidia Corp.’s Jensen Huang predicted firm will hit $1 trillion in value. Hewlett Packard Enterprise Co. soared the most on record on a bullish outlook. A drop in US crude below $92 also helped sentiment.Treasuries barely budged after this week’s first batch of jobs data that only added to signs of labor-market resilience, reinforcing the case for the Federal Reserve to keep rates higher for longer. Bitcoin sank below $68,000.President Donald Trump is still optimistic the US can reach an interim peace deal with Iran soon after the Islamic Republic threatened to suspend talks because of Israel’s escalating attacks in Lebanon. Officials in Tehran are discussing their “final text” to send to Washington, Iran’s Mehr news agency reported.“While Trump’s insistence that diplomacy is still on the table has helped contain oil prices so far this week, upside risks remain in the event of a collapse in peace negotiations,” said Ian Lyngen at BMO Capital Markets. “For now, the market appears content to lean into the assumption that the US and Iran are on the brink of a deal.”Meantime, traders parsed the latest economic data to gauge the impacts of the Iran conflict. US job openings jumped in April to the highest level in almost two years and layoffs fell, adding to signs the labor market remained resilient even as businesses navigated rising energy costs sparked by the war.“At a time where investors are worried about rising input costs and the proliferation of AI, the jobs market continues to hold its ground,” said Bret Kenwell at eToro. “While Friday’s payrolls report is the main event, this morning’s JOLTS report is a fresh reminder of the recent stability and the “bend but don’t break nature” of the US labor market.”There’s hope that energy prices will retreat after a geopolitically charged surge in the first quarter, allowing the Fed to stay on hold while inflation eases in the second half of the year, Kenwell said.Fed Bank of Cleveland President Beth Hammack said it’s reasonable to hold interest rates steady for now given uncertainties about the economic outlook, but officials may need to act soon to address elevated inflation.“For today, it’s reasonable to keep rates steady given the uncertainties around the economic outlook,” Hammack said Tuesday in remarks prepared for an event in Cleveland. “But if recent data trends continue, it may soon be appropriate for policy to act to address the growing risks of persistently elevated inflation.”Corporate Highlights:Marvell Technology Inc. rallied after Nvidia Corp.’s Jensen Huang predicted the semiconductor and networking company will be the next business to hit a $1 trillion valuation, more than five times its current market capitalization. Hewlett Packard Enterprise Co. surged after the company gave an outlook for annual sales that topped Wall Street’s estimates, citing massive growth in AI-fueled demand for its servers and networking. Alphabet Inc. is raising $80 billion through a package of equity offerings, including an investment deal with Berkshire Hathaway Inc., as the company races to fund its ambitious artificial-intelligence spending plans. Dollar General Corp. nudged up its profit outlook for this year after its low prices helped it win over more cash-strapped shoppers. Victoria’s Secret & Co. jumped after the company beat earnings estimates and boosted its outlook, adding to signs of progress for Chief Executive Officer Hillary Super’s turnaround plan. Some of the main moves in markets:StocksThe S&P 500 rose 0.2% as of 11:14 a.m. New York time The Nasdaq 100 rose 0.3% The Dow Jones Industrial Average rose 0.2% The Stoxx Europe 600 rose 0.6% The MSCI World Index rose 0.4% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1641 The British pound rose 0.2% to $1.3476 The Japanese yen fell 0.1% to 159.88 per dollar CryptocurrenciesBitcoin fell 5.1% to $67,718.57 Ether fell 3.6% to $1,931.06 BondsThe yield on 10-year Treasuries was little changed at 4.45% Germany’s 10-year yield declined three basis points to 2.97% Britain’s 10-year yield declined four basis points to 4.86% CommoditiesWest Texas Intermediate crude fell 0.4% to $91.76 a barrel Spot gold rose 0.4% to $4,503.22 an ounce ©2026 Bloomberg L.P.
