S&P 500, Nasdaq, Dow Close at Fresh Records as Nvidia Jumps More Than 6%

Tech stocks led Wall Street higher on June 1, lifting the three major indexes to fresh records despite a rise in oil prices.

The Dow Jones Industrial Average rose 46.42 points, or 0.09%, to 51,078.88. The S&P 500 gained 19.90 points, or 0.26%, to 7,599.96, while the Nasdaq Composite climbed 114.19 points, or 0.42%, to 27,086.81.

Oil prices surged early in the session, rattling markets. Iranian media reported that Tehran had suspended talks with the U.S. on a ceasefire proposal in protest over Israel's attack on Lebanon.

Brent crude futures, the global benchmark, settled up 4.2% at $94.98 a barrel. U.S. West Texas Intermediate futures rose 5.5% to $92.16 a barrel.

As tensions in the Middle East intensified, President Donald Trump said in a Truth Social post that he had a productive call with Benjamin Netanyahu and that no troops would be sent to Beirut. He also said talks with Iran related to ceasefire negotiations were continuing at a rapid pace.

Treasury yields also moved higher with oil. The two-year Treasury yield, which is sensitive to the policy rate, rose 0.03 percentage point to 4.04%. The benchmark 10-year Treasury yield added 0.02 percentage point to about 4.46%.

Nvidia's gain of more than 6% helped soothe investor concerns.

At GTC Taipei, Nvidia's annual AI conference held in Taiwan, the company unveiled its first AI PC chip, the N1 X, developed with Microsoft, formally entering the AI laptop market. Dell Technologies and HP, which announced they would use Nvidia's PC chips, surged 10.70% and 9.20%, respectively.

Software stocks also rallied. Salesforce rose 9.68%, while ServiceNow gained 9.24%, Intuit advanced 6.71% and Adobe climbed 5.72%.

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com