The S&P 500 reached a record close and the Dow hit an intra-day high as investors reacted positively to tech developments from Computex in Taipei. Nvidia showcased new PC processors in collaboration with Microsoft, reinforcing its position in the AI sector.
Nvidia's CEO, Jensen Huang, notably influenced the market, with Marvell's shares soaring 32% after he referred to the company as a potential 'next trillion-dollar company.' Goldman Sachs CEO David Solomon noted a shift in investor sentiment towards 'greed,' suggesting a strong fundraising environment for AI firms.
However, geopolitical tensions, particularly between the U.S. and Iran, remain a concern. The U.S. Central Command reported defensive actions against Iranian missile threats, while conflicting statements from U.S. officials and Iranian media about ongoing negotiations add uncertainty.
Oil prices are reacting to these tensions, with West Texas Intermediate futures rising over 1% to $94.81 and Brent crude advancing 0.88% to $96.84 per barrel. Additionally, California's primary elections are testing new congressional maps as Democrats aim to gain power in the House. Lastly, discussions about expanding nuclear weapons hosting in NATO countries could impact defense stocks