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Stocks clinch fresh records amid AI boom, Iran tensions

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Stock market today: Dow, S&P 500, Nasdaq build on records as investors eye AI boom, US-Iran tensions

US stock futures slipped as investors weighed uncertainty over Iran talks alongside the latest developments in AI.

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#USMarketUpdate
Wall St ends modestly higher as AI zeal overcomes Middle East jitters | Reuters

SUMMARY
Indexes up: Dow 0.45%, S&P 500 0.13%, Nasdaq 0.03%
Alphabet dips on plans to raise $80 billion for AI buildout
Marvell jumps on Nvidia's CEO calling it the next trillion-dollar company
Software shares down following a strong rebound rally

NEW YORK, June 2 (Reuters) - The S&P 500 and the Dow closed modestly higher on Tuesday as risk appetite driven by AI fervor was counterbalanced by tensions arising from U.S.-Iran talks to reopen the Strait of Hormuz and end the months-long war.

Gains ‌in most of the 11 major S&P sectors kept the S&P 500 and the Dow in the green, with the small-cap Russell 2000 (.RUT), opens new tab outperforming its larger-cap peers. The Nasdaq ended the session nominally higher.

Small-cap stocks have been some of the biggest beneficiaries of the ongoing enthusiasm surrounding artificial intelligence stocks, which provided some upside muscle. The Philadelphia SE Semiconductor Index advanced 5.9%.

The Software & Services Index (.SPLRCIS), opens new tab, battered in recent months over worries of AI disruption, ended off 3.3%.

Strong results from Hewlett Packard Enterprise (HPE.N), opens new tab and a funding commitment from Alphabet (GOOGL.O), opens new tab reinforced confidence in the AI buildout...

The war has sent crude prices soaring, reviving worries over inflation and giving rise to an increasing likelihood that the U.S. Federal Reserve could hike interest rates by year-end.

Cleveland Fed President Beth Hammack said on Tuesday that such a hike could become necessary if already-elevated inflation pressures continue to mount.

On the economic front, a report from the Labor Department showed an unexpected spike in job openings, driven by the volatile ‌professional and business ⁠services sector. Otherwise, hiring, firing and quits all decreased, suggesting a slowdown in labor market churn in the face of uncertainties related to strife in the Middle East and inflationary effects.

Analysts look to the May employment report due on Friday, which is expected to show the U.S. economy added 85,000 jobs last month, a monthly deceleration of 26.1%. The unemployment rate is forecast to stand pat at 4.3%...

Among the 11 major sectors of the ⁠S&P 500, utilities (.SPLRCU), opens new tab gained the most, while communication services (.SPLRCL), opens new tab suffered the steepest percentage loss.

https://www.reuters.com/business/wall-street-futures-tick-lower-after-record-highs-hpe-soars-2026-06-02/

Wall St ends modestly higher as AI zeal overcomes Middle East jitters
https://www.straitstimes.com/business/companies-markets/wall-st-ends-modestly-higher-as-ai-zeal-overcomes-middle-east-jitters