Oil Prices Climb Towards $100 Amid S&P 500 Record Close
WHO:
Fast Company - U.S. stocks, including the S&P 500, Dow Jones Industrial Average, and Nasdaq composite.
CNBC - Meghan Shue, head of investment strategy at Wilmington Trust.
WHAT:
AP - The S&P 500 fell 0.7% from its all-time high for its first drop in 10 days.
AP - The Dow Jones Industrial Average dropped 620 points, or 1.2%.
AP - The Nasdaq composite sank 0.9%.
AP - GameStop rose 6% after announcing a revenue growth of 14% from a year earlier and a stock buyback program worth up to $2 billion.
AP - Macy’s added 0.6% after reporting a profit for the latest quarter that exceeded analysts’ forecasts.
AP - The S&P 500 fell 56.10 points to 7,553.68, the Dow Jones Industrial Average dropped 620.72 to 50,687.07, and the Nasdaq composite sank 239.93 to 26,853.98.
Fast Company - Oil prices rose by 1.9% to $97.81 per barrel of Brent crude oil.
Fast Company - The S&P 500 fell 0.5% from its all-time high, while the Dow Jones Industrial Average was down 466 points, or 0.9%.
Fast Company - The Nasdaq composite was down 0.8%.
Fast Company - Palo Alto Networks' stock fell 5.8% despite reporting a profit that exceeded analysts' expectations.
Fast Company - Macy's stock slipped 0.9% after reporting a profit that surpassed analysts' forecasts.
Fast Company - The yield on the 10-year Treasury rose to 4.49% from 4.46%.
Fast Company - The Russell 2000 index fell 1.3%.
CNBC - The S&P 500 closed above 7,600 for the first time ever, rising 0.13%.
CNBC - The Dow added 228.91 points, or 0.45%.
CNBC - The Nasdaq Composite gained 0.03%.
Fast Company - Medtronic's stock climbed 5.7% after reporting stronger profits.
Fast Company - GameStop's revenue grew 14% from a year earlier, and the company announced a stock buyback program worth up to $2 billion.
WHERE:
Fast Company - The United States and Iran.
CNBC - Qeshm Island, Middle East.
WHEN:
CNBC - If the S&P 500 ends the week higher, it would mark the 10th straight positive week, the longest since 1985.
WHY:
Fast Company - Rising oil prices and yields in the bond market are pressuring stock markets.
Fast Company - Higher prices caused by tariffs and more expensive oil are affecting businesses, as noted in a survey by the Institute for Supply Management.
CNBC - The momentum in the stock market is attributed to strong demand around AI investment cycles.
HOW:
CNBC - U.S. Central Command reported that American forces defeated Iranian ballistic missiles and drones and conducted "self-defense strikes" on Qeshm Island "in response to attempted attacks by Iran across the Middle East."
CNBC - U.S. Central Command reported that American forces defeated Iranian ballistic missiles and drones and conducted "self-defense strikes" in response to attempted attacks.
(UPDATED June 3, 2026 23:31 UTC)
The S&P 500 experienced its first drop in ten days, falling 0.7% from its all-time high, while the Dow Jones Industrial Average dropped 620 points, or 1.2%. In contrast, GameStop saw a rise of 6% after announcing a revenue growth of 14% from the previous year and a stock buyback program worth up to $2 billion, and Macy’s added 0.6% following a quarterly profit that exceeded analysts’ expectations. Meanwhile, U.S. Central Command reported that American forces successfully defeated Iranian ballistic missiles and drones, conducting self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East.
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(UPDATED June 3, 2026 21:58 UTC)
U.S. stocks experienced a mixed day, with the S&P 500 closing above 7,600 for the first time ever, while the Dow Jones Industrial Average fell by 466 points, or 0.9%. Oil prices rose by 1.9% to $97.81 per barrel, and the yield on the 10-year Treasury increased to 4.49%, putting pressure on the stock market amid rising costs from tariffs and oil. Meanwhile, U.S. Central Command reported successful defensive actions against Iranian ballistic missiles and drones, highlighting ongoing tensions in the region.