This content was published on
June 3, 2026 - 10:10
4 minutes
(Bloomberg) — US stocks struggled to build on record gains as growing strains on the ceasefire between the US and Iran sent oil prices higher for a third straight day.S&P 500 futures were little changed after the artificial-intelligence trade fueled a nine-day rally in the benchmark index. Brent rose 2% toward $98 a barrel. Bond yields advanced across most markets as crude prices stoked concerns about inflationary pressures. Europe’s Stoxx 600 fell 0.3%.The cautious mood follows flare-ups in the Middle East that are testing a fragile truce between Washington and Tehran, with US forces intercepting ballistic missiles and drones aimed at neighboring countries and striking an Iranian command center in response.Traders are watching whether the S&P 500 can extend its winning streak to the longest in more than three decades. A narrow rally has seen technology stocks, and chipmakers in particular, leave the rest of the market far behind.“Tech remains the star of the show, supported by both revenue growth and margin expansion,” said Nataliia Lipikhina, head of EMEA equity strategy at JPMorgan Private Bank. “The AI story still comes down to demand. Every earnings season, investors are asking whether the demand is real and whether supply can keep up.”Investors are also awaiting SpaceX’s disclosure of the terms of its initial public offering that is set to be by far the largest in history. Reuters reported that Elon Musk’s rocket launch, satellite and AI company aims to sell more than 550 million shares at $135 apiece for a $75 billion IPO.Meanwhile, US President Donald Trump moved to rebuild his signature trade policy, proposing a new tariff of at least 10% on imports from 60 trading partners. The recommended duties are a result of an investigation into how trade partners handle goods allegedly produced by forced labor.The yen was in focus as investors awaited Bank of Japan Governor Kazuo Ueda’s planned speech for clues on the outlook for interest rates. Traders are reluctant to push the yen beyond the key 160 level against the dollar in the face of the risk of intervention by authorities to prop up the currency.What Bloomberg Strategists Say:“A global backdrop of heightened trade tensions and elevated energy prices would hit the European economy the hardest given its reliance on exports and imported energy. Stocks in the region are therefore likely to further underperform.”— Conor Cooper, Macro Squawk. Click here to read the full analysis.Corporate News:Partners Group Holding AG is capping withdrawals at one of its evergreen private equity funds amid heightened redemption pressure, as the investor anxiety that hit private credit vehicles shows signs of spilling over to other asset classes within private markets. Akzo Nobel NV shares fall as much as 22%, their steepest drop on record, after Nippon Paint and Sherwin-Williams abandoned efforts to acquire the Dutch paintmaker. Inditex SA’s sales growth picked up at the start of its second quarter, boosting confidence in the Zara owner’s resilience in the face of weakening consumer spending. Some of the main moves in markets:StocksThe Stoxx Europe 600 fell 0.3% as of 9:06 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average fell 0.2% The MSCI Asia Pacific Index rose 0.6% The MSCI Emerging Markets Index was little changed CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro fell 0.1% to $1.1614 The Japanese yen rose 0.2% to 159.67 per dollar The offshore yuan fell 0.2% to 6.7732 per dollar The British pound was little changed at $1.3454 CryptocurrenciesBitcoin fell 0.5% to $67,131.6 Ether fell 1.4% to $1,876.61 BondsThe yield on 10-year Treasuries advanced three basis points to 4.48% Germany’s 10-year yield advanced three basis points to 3.01% Britain’s 10-year yield advanced four basis points to 4.90% CommoditiesBrent crude rose 2% to $97.95 a barrel Spot gold fell 0.7% to $4,455.89 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Neil Campling.©2026 Bloomberg L.P.
