Stock Market Today, June 1: Tech and Software Stocks Lift Markets
The S&P 500 (SNPINDEX:^GSPC) rose 0.26% to 7,599.96, closing near record territory as artificial intelligence (AI) winners offset energy headwinds, the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.42% to 27,086.81 on chip and software strength. The Dow Jones Industrial Average (DJINDICES:^DJI) inched up 0.09% to 51,078.88 under pressure from higher oil and yields.
Market movers
ServiceNow jumped about 9% on upbeat analyst commentary arguing that increased AI demand could help the company rather than replace it. This year has been tough for software stocks, as AI-replacement fears have driven heavy selling. However, today brought gains for key names like Oracle, Adobe, and CrowdStrike.
Nvidia’s new AI superchip launch boosted tech stocks such as Microsoft and Dell Technologies. IBM surged roughly 9% after a bullish analyst initiation and chipmaker Marvell Technology notched an all-time high.
What this means for investors
Trading was volatile again today as U.S.-Iran peace talk uncertainty pushed oil prices upwards and pressured stocks. However, AI strength won out as soaring tech and software stocks kept major indexes in the green. The Dow remained largely flat, reflecting pressure on industrials, financials, and consumer cyclicals from rising oil and yields.
WTI crude spiked in early trading before paring losses, finishing up 5% at $92 a barrel. Last week, Moody's chief economist Mark Zandi warned that dwindling oil reserves and continued elevated prices would soon start to have a significant impact on U.S. consumers.
After nine straight weeks of S&P 500 gains, there’s a growing risk of a short-term correction as the frenzy of earnings season slows. That may present a buying opportunity, particularly as equity strength supports bullish predictions in the longer term.
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Emma Newbery has positions in CrowdStrike and Nvidia. The Motley Fool has positions in and recommends Adobe, CrowdStrike, International Business Machines, Marvell Technology, Microsoft, Nvidia, Oracle, ServiceNow, and Taiwan Semiconductor Manufacturing. The Motley Fool recommends the following options: long January 2028 $330 calls on Adobe and short January 2028 $340 calls on Adobe. The Motley Fool has a disclosure policy.
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