S&P 500 rises to start June, but it’s all tech as oil spike hits rest of the market

The S&P 500 rose on Monday, even as oil prices advanced, with Nvidia leading technology higher following the launch of a new chip for PCs.

The broad market index traded up 0.2%. The Nasdaq Composite gained 0.5% and reached a new all-time intraday high. The Dow Jones Industrial Average lost 133 points, or 0.3%.

Nvidia shares offered support to the broader market, climbing 5% after the company unveiled a new processor for personal computers. Dell Technologies and HP Inc followed Nvidia higher, rising more than 8% each. Intel, which for years dominated the PC chip market, fell more than 3%.

Oil prices also rose to start the trading week. West Texas Intermediate crude futures gained 6% on Monday to around $92 a barrel, while Brent crude added 5% to around $95. In May, the U.S. benchmark posted its steepest monthly decline since April 2025, tumbling nearly 17%.

Those moves follow Iranian state media reporting that the country’s negotiators are stopping communication with the U.S. and that Tehran will completely shut the Strait of Hormuz because of Israeli attacks on Lebanon.

President Donald Trump told CNBC in response that he doesn’t care if peace negotiations with Iran are over, saying to CNBC’s Eamon Javers in a phone interview, “I really don’t care. I couldn’t care less.” He also said that he was “going to ask” Israeli Prime Minister Benjamin Netanyahu “what’s going on with Lebanon.”

Over the weekend, Netanyahu praised the country’s forces in capturing Beaufort castle in southern Lebanon as troops advanced into the territory.

Meanwhile, the U.S. and Iran exchanged strikes, with U.S. Central Command saying Monday that U.S. forces intercepted two Iranian ballistic missiles overnight that were targeting American forces in Kuwait.