A trader works on the floor of the New York Stock Exchange on May 29, 2026. (File photo: AP/Richard Drew)
05 Jun 2026 05:53AM
NEW YORK: Oil prices and the dollar retreated Thursday (Jun 4) as traders tracked conflicting developments in the Middle East war, while equity markets mostly rose despite a disappointing outlook from US chipmaker Broadcom weighing upon AI stocks.Iran reported "no tangible progress" in negotiations on ending the war, even as the US House of Representatives passed a resolution seeking to halt American military action.Israel meanwhile struck south Lebanon and threatened new attacks on Beirut despite an announcement earlier that the opposing sides had agreed to implement a conditional ceasefire.Elsewhere, a disappointing forecast by chip giant Broadcom stoked concerns about AI stock valuations, which have soared in recent months and helped push equity indexes to record highs.
Broadcom's stock closed 12.6 per cent lower, amid revived "doubts about the actual growth rates for artificial intelligence," said John Plassard at Cite Gestion.While Broadcom and other AI stocks weighed down the Nasdaq, the Dow rallied to a new high on Thursday, jumping 1.7 per cent to 51,561.93.
