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The S&P 500 added 0.3% to its prior all-time high set on Friday. The Dow Jones Industrial Average rose 46 points (0.1%) and the Nasdaq composite climbed 0.4% to likewise set records. U.S. stocks saw mixed performance, with a slight majority declining as rising oil prices hurt companies with high fuel costs. United Airlines dropped 2.6% and Alaska Air Group fell 3.3% after Brent crude climbed 4.2% to $94.98 per barrel ' well above the roughly $70 it traded at before the war. The surge in oil has driven inflation higher, pushing up bond yields worldwide and threatening to slow economies while weighing on stocks and other investments. However, yields pulled back as oil prices retreated from their peaks, easing pressure on Wall Street and helping the Russell 2000 recover from a 1.3% loss to close down just 0.5%. Small-cap stocks are especially vulnerable to rising borrowing costs given their reliance on debt for growth. Markets also drew some support from gains among heavyweight stocks, while investors held onto hope that a U.S.-Iran deal could reopen the Strait of Hormuz, restore Persian Gulf oil flows, and ultimately cool inflation pressures. Nvidia was the strongest force lifting the market and rose 6.2% after CEO Jensen Huang announced several product updates at a conference. Big Tech stocks shot higher thanks to exuberance around artificial intelligence but it could also weigh on the index if the market's leadership broadens, Carroll warns. Even if most stocks end up rising in such a rotation, stagnation or declines for Big Tech heavyweights could drag on S&P 500 index funds. A key indicator Carroll follows about market breadth 'is signaling a rotation is coming,' he wrote in a report. Science Applications International Corp. jumped 10.4% after becoming the latest U.S. company to report bigger profit for the latest quarter than analysts expected. SAIC also raised forecasts for upcoming financial results. Berkshire Hathaway fell 0.9% after saying it would buy homebuilder Taylor Morrison Home for $6.8 billion. MGM Resorts International leaped 16.1% after People Inc., Barry Diller's business that was formerly known as IAC, offered to buy the rest of the company it doesn't already own for $48.30 per share in cash. In stock markets abroad, indexes fell in Europe following a stronger finish in Asia. Tokyo's Nikkei 225 rose 0.9% to an all-time high. SoftBank Group, the investment company that focuses heavily on AI, soared 21.2% and surpassed Toyota to become Japan's most valuable listed company. In South Korea, the Kospi index jumped 3.7% to a record after data showed the country's exports surged 53% in May from a year earlier, buoyed by global demand for semiconductors. In the bond market, Treasury yields climbed with oil prices and after a report said growth in U.S. manufacturing accelerated by more last month than economists expected. The yield for the 10-year Treasury briefly approached 4.52% before regressing to 4.46%, up from 4.45% late Friday. Powered by Capital Market - Live News
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