Stocks Overcome Oil Rebound to Start June Higher: Markets Wrap
(Bloomberg) — Stocks locked in fresh gains on Monday, withstanding a rebound in oil prices as a peace deal between the US and Iran remained elusive.
Futures signaled new all-time highs for US equities at the start of June after a breakneck rally in chipmakers drove the S&P 500 to 11 record closes in May. Microsoft Corp. rose 3.1% in a premarket rally in software stocks as Nvidia Corp.’s Jensen Huang dismissed concerns over disruption from artificial intelligence. Nvidia was up 1.8% on news it’s entering the PC market.
Oil was set to snap a three-day run of losses. Brent rose 3% to nearly $94 a barrel as it remained unclear whether the US and Iran were progressing on a deal for a lasting ceasefire and to resume flows through the Strait of Hormuz. Bonds fell, with the 10-year Treasury yield up three basis points to 4.47%.
Traders are waiting for signs that a deal remains on track after Israel stepped up its offensive against Iran-backed Hezbollah in Lebanon over the weekend. Tehran struck a Kuwaiti air base, while the US conducted “self-defense strikes” on Iranian radar and command-and-control sites.
The two sides also exchanged messages seeking amendments to a draft agreement. President Donald Trump urged calm, saying the situation will work out well. Iran said Israel’s attacks on Lebanon were preventing a deal.
“Markets need an agreement to open the Strait of Hormuz, to provide the next leg higher in equities and lower in rates,” Jefferies strategist Mohit Kumar told clients. “We still believe that we should get a leg higher when a deal is finally agreed upon.”
In Asia, SoftBank Group Corp. surged 14% to overtake Toyota Motor Corp. as Japan’s most valuable company. South Korea’s Kospi index advanced 3.7%, extending gains for 2026 to 108%. European stocks fell 0.1%.
US markets have been supercharged by the artificial-intelligence trade, and bolstered by a solid earnings season and upbeat outlooks that lent confidence that the drive higher still has legs. An index of US chipmakers is heading for its best quarter ever after soaring 69% in the past two months.
“The rally in tech stocks is coherent when one looks at the earnings and profits of both the supplier of AI infrastructure and the hyperscalers,” said Mabrouk Chetouane, head of global market strategy at Natixis Global Asset Management. “There are those who claim there’s a bubble, but I simply see rising profits and a super cycle.”
What Bloomberg Strategists Say
“A peace deal could still emerge this week, but with markets already heavily positioned for that outcome, the balance of risks appears skewed toward disappointment. Oil is already edging up today and any further delays or setbacks leave prices vulnerable to a sharper move higher.”
— Skylar Montgomery Koning, macro strategist. For the full analysis, click here.
Corporate News:
Nvidia Corp. is entering the PC market with a new chip aimed at loosening the stranglehold of Intel Corp. technology in that arena and modernizing the machines for the AI era. Nvidia said Anthropic PBC, OpenAI and SpaceX are among the first big users of its upcoming microprocessor, securing key customers for its latest attempt to expand an already extensive footprint in AI data centers. EasyJet Plc shares jump as much as 13% to the highest in three months after Castlelake said late Friday that it is considering an offer for the UK budget carrier. Berkshire Hathaway Inc. will acquire Taylor Morrison Home Corp. in an all-cash deal worth about $6.8 billion, the first major purchase under chief executive Greg Abel and a vote of confidence in the US housing market. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.1% as of 11:15 a.m. London time S&P 500 futures rose 0.3% Nasdaq 100 futures rose 0.3% Futures on the Dow Jones Industrial Average rose 0.3% The MSCI Asia Pacific Index rose 0.9% The MSCI Emerging Markets Index rose 1.4% Currencies
The Bloomberg Dollar Spot Index rose 0.1% The euro was little changed at $1.1649 The Japanese yen fell 0.1% to 159.47 per dollar The offshore yuan was little changed at 6.7636 per dollar The British pound was little changed at $1.3460 Cryptocurrencies
Bitcoin fell 1.3% to $72,700.66 Ether fell 1.1% to $1,982.76 Bonds
The yield on 10-year Treasuries advanced three basis points to 4.46% Germany’s 10-year yield advanced four basis points to 2.98% Britain’s 10-year yield advanced three basis points to 4.84% Commodities
Brent crude rose 3.1% to $93.91 a barrel Spot gold fell 0.9% to $4,501.22 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling and Henry Ren.
©2026 Bloomberg L.P.
