S&P 500 closes at a record to kick off June trading as tech rally overpowers oil spike: Live updates

U.S. equities notched gains in the first trading day of June.

The S&P 500 rose 0.26% to end the day at 7,599.96, while the Nasdaq Composite gained 0.42% to 27,086.81. The Dow Jones Industrial Average edged up 46.42 points, or 0.09%, to 51,078.88.

— Sean Conlon

Artificial intelligence is boosting the S&P 500, and a small cohort of names are behind the index’s surge, according to Julian Emanuel, senior managing director at Evercore ISI.

“Record concentration in handful of AI names is spurring index strength and subduing the side effects of a challenging geopolitical/consumer backdrop,” wrote Emanuel in a note dated Sunday. “Record AI demand has meant that MU, NVDA and GOOGL alone account for 40%+ of the YTD revision in S&P 2026 EPS and contributed to the strongest EPS surprises outside recession recoveries.”

Emanuel, who has a year-end price target on the S&P 500 of 7,750, anticipates that the index’s rise to such a level will be propelled by demand in AI and led by information technology, communication services and consumer discretionary.

“Heightened index exposure to a select few names in one theme can also accentuate downside,” he added.

— Sean Conlon

Barclays sees little meaningful P&L upside from Trump Accounts in the future, cutting its price target to $82.

Last week. the official Trump Account app became available for download but despite the positive headline for Robinhood Markets (HOOD), serving brokerage and initial trustee, the P&L implications remain limited, according to a recent analysis by Barclay’s equity research team.

With over 5.5 million people signees for the Accounts, Barclays believes investors are overestimating the financial impact of Trump Accounts on Robinhood, arguing that the opportunity is “de minimis” and it could be a “very long time” before there are any meaningful contributions to the brokerage’s profit and loss.

“Over time there is a more meaningful opportunity to convert users to the Robinhood, and as the app designer for Trump Accounts, Robinhood will have some advantage here, though this opportunity also exists for competitors,” according to Barclay’s analysis.

The Treasury-backed investment app is a tax-deferred account and available to any parent/guardian with a child under 18 years old. Accounts can be funded up to $5,000 from family, friends and employers and are restricted to diversified funds.

But despite an estimated $100 million investment to build the platform, Barclays analysts expect the Trump accounts will not be meaningfully additive to the P&L in the near-term. And while there is an opportunity for millions of children holding Trump Accounts to eventually become Robinhood customers once the accounts move to traditional brokerage accounts, Barclays notes this could limit Robinhood’s long-term advantage.

“We are cautious, particularly when it comes to the implications for the stock, for several reasons. Regarding the eventual transition of accounts, we think Robinhood could be a more natural home for new-to-investing households, but we believe a “home field” bias is more likely – in other words, parents would be most likely to move accounts to their pre-existing brokerage relationships,” according to the bank’s analysis.

— Deena Zaidi

Goldman Sachs reiterated its buy rating on Dell shares Monday and more than doubled its price target on the stock on higher estimates and stronger confidence in the firm’s AI-driven growth outlook.

“We reiterate our Buy-rating and raise our 12-month target price to $500 (v. $230 prior) on raised estimates (F2027/28/29 EPS estimate revised up 41% on average) and increased confidence in DELL’s differentiated scale, business mix, and secular growth opportunities driven by agentic AI-related demand,” analyst Katherine Murphy said in a note Monday.

Shares jumped 10% in Monday trading to about $465.

Murphy also pointed out that enterprise IT hardware spend is growing, an elevated 2027 outlook is constrained by supply instead of demand, and noted Dell’s operating margin outperformance demonstrating the benefits of the company’s scale and supply chain.

— Tanaya Macheel

The recent selloff in Zscaler has provided a buying opportunity, according to Guggenheim. The firm upgraded the stock to buy from neutral on Monday and instituted a price target of $214 per share. That target implies 53% upside from Friday’s close.

Zscaler dropped roughly 24%, as of Friday’s close, since its May 26 third-quarter earnings report, analyst John DiFucci said in a note to clients.

“We believe the current level presents an opportunity to purchase a leader in an important, nascent security space at about the intrinsic value of the stock if it were run hyper-efficiently and never grew (or declined) again,” he wrote.

“We realize this is still a ‘trust me story’ but believe the valuation here presents an opportunity for those investors interested in a category leader of a still nascent and hyper growth market,” he added.

Shares jumped about 10% in afternoon trading.

— Michelle Fox

Analysts for Morgan Stanley said Monday they’d been wrong about Dell after the company’s stock jumped 33% on Friday, marking its best day ever.

“Our memory thesis was wrong as DELL is managing supply and executing better than peers, enabling mission critical demand capture, share gains and pricing power,” analyst Erik Woodring and colleagues wrote in a Monday note.

They upgraded Dell from underweight at $170 to equal weight at $448. The stock is around $460 in afternoon trading on Monday.

“Dell is getting better access to memory supply (and pricing) than many enterprise peers,” Woodring wrote.

— Tobias Burns

D.A. Davidson on Monday added Nvidia to its top-pick stocks list.

Gil Luria, the firm’s head of technology research, also has a buy rating on the stock. His $300 price target implies around 42% upside of where shares finished last week.

In a note to clients announcing the company’s addition to the so-called best-of-breed list, Luria said Nvidia has “best-in-class margins” and a “durable competitive advantage.”

Nvidia shares climbed about 6% in Monday’s session. The chipmaker is up 20% in 2026.

— Alex Harring

U.S. factory activity was stronger than expected in May, boosted by gains new orders, imports and employment, according to the Institute for Supply Management.

The ISM manufacturing index hit 54 for the month, up 1.3 points from April and better than the Dow Jones consensus estimate for 53.2. The index measures the share of companies reporting growth.

New orders rose 2.7 points to 56.8, imports increased 2.7 points to 53 and employment rose 2.2 points but at 48.6 was still below the dividing line of 50 for growth. The prices index showed some easing, falling 2.5 points but still well into positive territory at 82.1.

— Jeff Cox

PresidentDonald Trumpon Monday shrugged off the possible collapse of peace negotiations with Iran, telling CNBC, “I don’t care if they’re over, honestly.”

“I really don’t care. I couldn’t care less,” Trump told CNBC’s Eamon Javers in a phone interview midday Monday, saying he thought the protracted talks “started to get very boring.” Read more.

— Kevin Breuninger

On Monday, 24 stocks in the S&P 500 reached new 52-week highs.

Names that hit this milestone included:

• Goldman Sachs trading at all-time high levels back to its IPO in May 1999
• Morgan Stanleytrading at all-time highs back to its merger with Dean, Witter, Discover & Co in 1997
• Humanatrading at levels not seen since September 2024
• FedEx trading at all-time high levels back to its IPO in April 1978
• Broadcom LTD trading at all-time high levels back through Avago history and its IPO in August 2009
• CrowdStrike trading at all-time highs back to its IPO in June 2019
• Dell Technologiestrading at all-time highs back to its relisting in December 2018
• Hewlett Packard Enterprisetrading at all-time high levels back to its split from HPQ in October 2015
• International Business Machinestrading at all-time highs back to when it began publicly trading on the NYSE in January 1962
• Microntrading at all-time highs back to IPO in June 1984

On the other hand, 17 stocks in the index traded at new 52-week lows, including:

• AutoZonetrading at lows not seen since September 2024
• Lowe’strading at lows not seen since April 2025
• O’Reilly Autotrading lows not seen since January 2025
• Boston Scientifictrading at lows not seen since March 2023
• Intuitive Surgicaltrading at lows not seen since July 2024
• Pentairtrading at lows not seen since January 2024
• Rollins Inctrading at lows not seen since January 2025
• Sherwin Williamstrading at lows not seen since July 2024
• CBREtrading at lows not seen since May 2025

— Christopher Hayes and Lisa Kailai Han

Check out the companies making the biggest moves midday:

• MGM Resorts International — Shares surged 16% after Barry Diller’s People Inc. made an offer to buy the company for $48.30 per share in cash. Diller, who also sits on MGM’s board, said he will recuse himself from board discussions on the proposal.
• Veeva Systems — The cloud-based software company with a focus on life sciences saw shares jump almost 9%, heading for its third straight winning day. Veeva is slated to report first-quarter results on Wednesday. The FactSet consensus expects the company to post earnings of $2.14 per share on revenue of $857.7 million, with both metrics landing within the range of Veeva’s earlier guidance.
• Humana — The health insurer gained 8% after reaffirming its guidance. Humana anticipates full-year adjusted earnings of at least $9 per share, according to a filing with the Securities and Exchange Commission. That surpasses the FactSet consensus call for $8.93 per share.

Read more here.

— Fred Imbert

Anthropic on Monday said it confidentially filed its prospectus with regulators for an initial public offering, a significant step on the path to taking the artificial intelligence startup public.

“This gives us the option to go public after the SEC completes its review,” Anthropic said in a statement. “The proposed initial public offering will depend on market conditions and other factors.”

Shares of Zoom Communications, which was an early investor in Anthropic, surged more than 9% in Monday’s session. Shares took a leg up following the statement.

Zoom Communications, 1-day

The iShares Expanded Tech-Software Sector ETF (IGV) rose 4% in midday Monday trading, pushing the ETF into positive territory for the year.

At one point in April, the IGV was down almost 30% in 2026 on concerns artificial intelligence would disrupt the software-as-a-service business model. However, those fears have subsided as the IGV is now up more than 40% since April 10. Just in the last three sessions, the ETF is up almost 14%.

Salesforce was up more than 10%. ServiceNow and DataDog were up nearly the same amount. Adobe rose 5.5% while Workday jumped more than 8%.

IGV year-to-date.

Strategy sold $2.5 million in bitcoin last week, according to a Monday filing.

Shares fell more than 6%, while bitcoin fell 2% to its lowest level since April 13.

This is the second time Strategy has ever sold bitcoin and comes soon after the company announced its pivot from Saylor’s longstanding”never sell”strategy in favor of actively managing its balance sheet. That includes potentially selling bitcoin if it improves bitcoin-per-share metrics, pays dividends or strengthens the company’s financial position.

For more, read our full story here.

— Tanaya Macheel

Elevated investor confidence is close to triggering a contrarian sell signal, according to Bank of America.

The bank’s Sell Side Indicator tracks recommended portfolio allocations among Wall Street strategists and ended May at its highest level since February 2025, a point that preceded a more than 1,000-point slide on the S&P 500. The measure closed at 56.2% and follows a nearly 20% urge on the index that has boosted market sentiment.

With hopes running high that the tech-fueled rally will continue, BofA strategists are counseling caution. Most of the recent surge has come from mega-cap companies, with a large share of the stocks in the index lagging.

Bank of America has a price target of 7,100 on the S&P 500, implying a nearly 7% decline from Friday’s close, which “underscores our view that investors should ‘sell in June,'” Victoria Roloff, the firm’s equity and quant strategist, said in a note.

— Jeff Cox

The three major averages traded in negative territory on Monday morning.

The S&P 500 fell 0.2%, while the Nasdaq Composite shed 0.1%. The Dow Jones Industrial Average dropped 210 points, or 0.4%.

— Sean Conlon

Bitcoin descended toward the $70,000 level to start the week after ETFs tracking the price of the asset posted their 10th day in a row of net outflows Friday for the first time ever, according to SoSoValue, as geopolitical uncertainty continues to keep the crypto market under pressure.

Last Wednesday, bitcoin ETFs registered their largest day of outflows since late January, with $733 million exiting funds. Net assets across bitcoin ETFs fell to $94.2 billion on Friday from $107.8 billion on May 14.

— Tanaya Macheel

U.S. Central Command on Monday said Iran fired two ballistic missiles overnight targeting American forces stationed in Kuwait, the latest in a series of attacks that further undermines a threadbare ceasefire.

The missiles fired Sunday night at 11 p.m. ET were successfully intercepted and no U.S. personnel were harmed, CENTCOM said in an X post.

“U.S. Central Command remains vigilant and will continue to protect our forces from Iranian aggression while supporting the ongoing ceasefire,” the post said. Read more.

— Kevin Breuninger

IAC is set to make an $18 billion bid to buy MGM Resorts International, sources told CNBC’s Andrew Ross Sorkin.

The offer is $48.30 per share, a 10% premium over MGM’s Friday close. Barry Diller, the chairman of IAC— which is undergoing a name change to People Incorporated — is a member of MGM’s board of directors.

Shares of MGM jumped 10% in premarket trading, while IAC rose more than 1.5%.

MGM 1-day.

Check out the companies making the biggest moves premarket:

• Nvidia,Microsoft— The hyperscalers were rising after Nvidia, in a collaboration with Microsoft, revealed a newprocessor for personal computers. Nvidia was up 2%, while Microsoft was rising nearly 4% in premarket trading.
• Dell,HP,Arm— Derivatives of Nvidia’s computer chip announcement were also jumping on the news. Dell and HP, which are set to manufacture computers featuring the new chip, rose 1.5% and more than 3.5%, respectively. Arm, whose technology was used by Nvidia to develop the new chip, was surging 14.5%.
• Qualcomm,Intel,Advanced Micro Devices— As Nvidia rose, its chipmaking competitors fell. Qualcomm tumbled 9.5%, while Intel shed more than 6.5%. Advanced Micro Devices was off more than 4% too.

Read the full list here.

— Davis Giangiulio

Nvidia shares climbed 2.1% in the premarket after the company unveiled a new processor for personal computers.

“This reinvention of the computer is as big of a deal as the reinvention of the phone into what we now know as the smartphone,” CEO Jensen Huang said in a keynote. He also said AI will run across all the new computers.

Dell Technologies and HP Inc followed Nvidia higher, rising 1.7% and 4%, respectively. Intel, which for years dominated the PC chip market, fell more than 6%.

NVDA rises

Read more here.

— Katie Tarasov

Shares of Taylor Morrison Home popped 22% after the homebuilder agreed to be acquired by Berkshire Hathaway for $6.8 billion in cash.

The deal marks one of the first major moves for the conglomerate under Greg Abel, Warren Buffett’s successor. The transaction is expected to close in the second half of 2026.

5-day chart

Read more here.

— Fred Imbert

Asia-Pacific markets closed mixed on Monday, with South Korea’s benchmark Kospi surging 3.68% to a record closing high and leading gains across the region.

The small-cap Kosdaq fell 2.3% to 1,050.03, while shares of Samsung Electronics soared more than 10% to an all-time high.

Japan’sNikkei 225 rose 0.91% to 66,934.33, while the Topix declined 042 to close at 3,940.7%. In Australia theS&P/ASX 200 was flat at 8,729.4.

Shares of SoftBank Group rose 14% after the conglomerate on Sunday announced plans to invest 45 billion euros ($53 billion) over the next five years to buildartificial intelligenceinfrastructure in France.

The Hang Seng index rose 0.86% in the final hour of trade while the CSI 300 was down 0.98%, closing the trading day at 4,844.26.

— Lee Ying Shan

South Korea stocks hit a fresh record high on Monday, bucking a mixed performance across Asia-Pacific markets as investors monitored lingering uncertainty around U.S.-Iran negotiations after President Donald Trump said he was in “no hurry” to strike a deal to end the conflict.

South Korea’s Kospi jumped 1.31%, while the small-cap Kosdaq was down 1.58%. Shares of Samsung Electronics rose more than 3% to hit an all-time high.

Japan’sNikkei 225 rose 0.17%, while the Topix declined 0.3%. In Australia theS&P/ASX 200 lost 0.21%.

Shares of SoftBank Group rose 5% after the conglomerate on Sunday announced plans to invest 45 billion euros ($53 billion) over the next five years to buildartificial intelligenceinfrastructure in France.

The Hang Seng index rose 0.73% while the CSI 300 was down 0.32%.

— Lee Ying Shan

Corporate America’s earnings season is shaping up to be one of the strongest in years, with companies comfortably clearing Wall Street’s expectations despite lingering concerns about economic growth and geopolitical uncertainty.

About 85% of S&P 500 companies have reported first-quarter earnings above analyst estimates, well ahead of the five-year average of 78%, according to FactSet data. Companies are beating profit forecasts by an aggregate 16.7%, more than double the average surprise of 7.3% seen over the past five years.

— Yun Li

The S&P 500 gained 1.4% last week, its ninethpositive week in a row for the first time since its nine-week streak ending Dec. 29 in 2023. The benchmark rose 5.2% in May, its secondpositive month in a row.

The equity index saw a fresh all-time intraday high and a record close in Friday’s session. It’s risen 10.2% since the Iran war began in February.

S&P 500 year to date