Major Averages Mixed at Noon as Oil Prices Surge Amid Iran Tensions
The major averages were mixed near noon as investors weigh escalating U.S.-Iran tensions against continued strength in the AI trade. Oil prices surged following weekend developments involving Iran, raising concerns that energy costs could once again become a source of inflation pressure. Of note, Iranian state media reported that the country's negotiators are ceasing communication with the U.S. and that Iran will completely close off the Strait of Hormuz because of Israel's attacks on Lebanon.Meanwhile, Nvidia led technology stocks higher following the launch of a new chip for PCs. The news comes as traders continue to funnel money into AI-related names, semiconductors, data-center infrastructure, and power-generation plays.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiadeveloped in partnership with Microsoftthat will be incorporated into a new RTX Spark chip for PCsTaylor Morrisonby Berkshire Hathawayfor $72.50 per share in cashPeople IncorporatedMGM Resortsfor $48.30 per share in cashWeatherfordNCS Multistagein a cash and stock transactionYum! Brandsis in exclusive talks to sell its Pizza Hut business to LongRange Capital,2. WALL STREET CALLS:Dell Technologiesto Equal Weight at Morgan StanleyCampbell'sto Equal Weight at StephensKohl'sto Buy at CitiRedwireto Hold at Jefferies following 223% advanceHawkEye 360with mostly Buy and equivalent ratings3. AROUND THE WEB:Inteland 3DGS Inc. USA will invest about $3.3B to build a semiconductor substrate manufacturing plant in the Odisha's Bhubaneswar-Khurda region, Reuters reportsApproximately 1,000 workers at the American Axle plant in Three Rivers, Michigan are set to strike, which will stall production of key parts for certain General Motorstrucks, WSJ saysMetahas agreed to pay about $27M to settle a lawsuit filed by a Kentucky school district, Bloomberg saysAppleis delaying iPhone-connected smart glasses to late 2027, aiming to disrupt the mid-tier $200-$500 eyewear market the way it disrupted the watch market, Bloomberg reportsSoftBankhas become Japan's largest company in market value, driven by AI demand and rising global investor interest in the sector, FT says4. MOVERS:Optimum Communicationshigher afterfor shares of stockREalloysincreases after announcing it will be included in theAMCgains after recording itssince 2019Immuneeringfalls afterfrom its Phase 2a trial evaluating atebimetinib in combination with modified gemcitabine/nab-paclitaxelBlackSkylower after Jefferiesthe stock to Hold from Buy5. EARNINGS/GUIDANCE:Rapid7for Q2 and FY26SAICand raised its guidance for FY27Humanafor FY26Cango, with EPS and revenue lower year-over-yearBroadcomon June 3, 2026INDEXES:Near midday, the Dow was down 0.22%, or 111.40, to 50,921.06, the Nasdaq was up 0.23%, or 61.30, to 27,033.92, and the S&P 500 was up 0.05%, or 4.09, to 7,584.15.
