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June 2, 2026 - 18:01
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 index was set for a nine-day winning run, the longest since May 2025. A gauge of chipmakers rose 5%. Marvell Technology Inc. jumped 29% 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.Also helping sentiment was the fact that an oil rally eased after a surge in the previous session, with US crude hovering near $93. Treasuries wavered 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.Secretary of State Marco Rubio said the US has the prospect in the coming days of reaching an agreement with Iran on giving up any pursuit of a nuclear weapon and the handling of its highly enriched uranium.“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.Corporate Highlights: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 AI spending plans. OpenAI is expanding the functionality of its AI coding agent for a number of professions beyond software engineering, a bid to compete with rivals such as Anthropic PBC in signing up more business customers. Anthropic PBC is allowing 150 additional organizations around the world to access Mythos, an AI model aimed at finding cybersecurity vulnerabilities that the company has said was too dangerous to make available to the general public. Victoria’s Secret & Co. beat earnings estimates and boosted its outlook, adding to signs of progress for Chief Executive Officer Hillary Super’s turnaround plan. Some Dollar General Corp. shoppers are cutting back on food and other household expenses due to rising gas prices, Chief Executive Officer Todd Vasos said on the company’s earnings call. Some of the main moves in markets:StocksThe S&P 500 rose 0.2% as of 12 p.m. New York time The Nasdaq 100 rose 0.4% The Dow Jones Industrial Average rose 0.2% The Stoxx Europe 600 rose 0.7% 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 $1.3479 The Japanese yen fell 0.1% to 159.88 per dollar CryptocurrenciesBitcoin fell 5.8% to $67,182.45 Ether fell 4.6% to $1,911.85 BondsThe yield on 10-year Treasuries was little changed at 4.45% Germany’s 10-year yield declined three basis points to 2.98% Britain’s 10-year yield declined four basis points to 4.86% CommoditiesWest Texas Intermediate crude rose 0.7% to $92.82 a barrel Spot gold rose 0.4% to $4,502.44 an ounce ©2026 Bloomberg L.P.
