𝗢𝗶𝗹 𝗡𝗲𝗮𝗿𝘀 $𝟭𝟬𝟬 𝗪𝗵𝗶𝗹𝗲 𝗨𝗦 𝗦𝘁𝗼𝗰𝗸𝘀 𝗛𝗼𝗹𝗱 𝗡𝗲𝗮𝗿 𝗥𝗲𝗰𝗼𝗿𝗱𝘀
US stock indexes stayed near record highs on June 3, 2026, even as oil prices moved closer to $100 per barrel.
The S&P 500 fell 0.2% from its all-time high. The Dow Jones Industrial Average dropped 122 points, or 0.2%. The Nasdaq Composite slid 0.3%.
Brent crude rose 1.6% to $97.51 per barrel. The increase followed new conflict in the Middle East. Iran fired missiles toward Kuwait and Bahrain, but the missiles missed their targets. The US military then struck an Iranian ground control station on an island in the Strait of Hormuz.
The conflict has raised oil prices and inflation. Still, investors hope the US and Iran will agree to reopen the Strait of Hormuz to oil tankers. Strong corporate earnings have also supported the market. A gain for the S&P 500 would mark its 10th straight positive session, the longest run in more than 30 years.
Individual stocks moved in different directions:
- Macy's rose 1% after reporting profit above analyst estimates
- GameStop jumped 9% after posting a 14% revenue increase and announcing a $2 billion share buyback
- Palo Alto Networks fell 6.3% even after beating profit estimates. The stock had already climbed 61.3% this year
Bond yields reflected worries about higher energy prices. The 10-year US Treasury yield rose to 4.48% from 4.46% on Tuesday and 3.97% before the conflict started. Higher yields raise borrowing costs for consumers and businesses. Average long-term US mortgage rates hit their highest level in nine months.
Smaller companies faced extra pressure. The Russell 2000 index fell 0.8%.
Technology stocks tied to artificial intelligence saw support. Marvell Technology rose 4.3% after jumping 32.5% in the prior session. Nvidia CEO Jensen Huang predicted Marvell will become the next trillion-dollar company.
Overseas markets were mixed. European indices traded lower. Japan's Nikkei 225 rose 2.5% to a new record high, helped by a 13.4% surge in Tokyo Electron. Hong Kong's Hang Seng fell 1.6%.