Tech Surges 2.5% as Nvidia's New PC Chip Powers S&P 500 to Record, Oil Spikes on Strait of Hormuz Threat

Technology carried the stock market today, posting a +2.47% gain that single-handedly dragged the major indexes to fresh all-time highs on the first trading day of June. Nvidia climbed 5% after unveiling a new processor for personal computers, pulling Dell Technologies up more than 10% and HP Inc up over 8% in its wake. Intel, the longtime PC chip incumbent, fell 5% as traders priced in a competitive hit.

But the session was far from clean. Only two of eleven S&P 500 sectors finished green. WTI crude surged +5.84% to settle at $92.46 a barrel after Iranian state media reported that Tehran will completely shut the Strait of Hormuz in response to Israeli attacks on Lebanon.

That geopolitical jolt sent energy stocks higher and punished nearly everything else, creating one of the widest sector spreads of the year.

Market Scorecard

All three major indexes touched new all-time intraday highs, but the S&P 500 barely held onto its +0.26% gain by the close. The Russell 2000 slipped -0.26%, a clear sign that small caps didn't benefit from the tech-driven lift. The VIX jumped +4.37% to 15.99, reflecting the geopolitical unease running underneath the surface-level green.

The bond market told a similar story. The 10-Year Treasury yield rose 2.2 basis points to 4.475%, while the 5-Year added 3.7 basis points. The 30-Year was essentially flat, ticking down 0.2 basis points to 4.991%, just a hair below the 5% threshold.

Gold dropped -1.07% to $4,511.90, an unusual move lower on a day with geopolitical escalation. Bitcoin fell -2.94% to $71,417.81, pressured after Strategy disclosed it sold 32 coins last week, its first bitcoin sale since December 2022.

Sector Performance

The sector table tells the story of a deeply split market. Technology (XLK) gained +2.47%, powered by Nvidia's new PC chip launch and the ripple effect through the hardware supply chain. Energy (XLE) rode the oil spike to a +1.80% gain, with Marathon Petroleum up 3%, Exxon Mobil up 2%, and Chevron up 1%.

Everything else bled red. Utilities (XLU) cratered -3.01%, the worst performer of the day, while Consumer Discretionary (XLY) dropped -2.20%. Rising oil prices act as a tax on consumer spending, and the market priced that in immediately.

Nine of eleven sectors finished in the red, which makes the S&P 500's green close all the more telling about how much weight mega-cap tech carries in this index.

Why Did Oil Prices Spike Today?

The biggest commodity move of the day came from crude oil. WTI futures surged +5.84% to settle at $92.46 a barrel. Brent crude added 4.24% to settle at $94.98.

The trigger: Iranian state media reported that Tehran's negotiators stopped communication with the U.S. and that Iran will completely shut the Strait of Hormuz in response to Israeli attacks on Lebanon. President Trump told CNBC he "couldn't care less" about the collapse of peace negotiations and said he would ask Israeli Prime Minister Netanyahu "what's going on with Lebanon."

This spike came after WTI posted its steepest monthly decline since April 2025 in May, tumbling nearly 17%. So the reversal was sharp and fast. Traders who were positioned for continued weakness got caught offside.

When Are SpaceX and Anthropic Going Public?

Beyond the daily stock market action, two major IPO stories developed. SpaceX amended its filing to reserve up to 5% of shares for certain employees and associates through a direct share program. The roadshow could start this week, with a potential Nasdaq debut as soon as June 12.

The offering is expected to raise around $75 billion.

Separately, Anthropic confidentially filed its IPO prospectus with the SEC. The AI company's revenue run rate has ballooned to $47 billion, up from $10 billion in annual revenue last year. It was valued at $965 billion in its most recent funding round, topping OpenAI's $852 billion valuation from March.

Crypto Sell-off: Strategy's Bitcoin Sale Rattles the Market

Bitcoin dropped -2.94% to $71,417.81 after Strategy disclosed it sold 32 coins for $2.5 million last week, the company's second bitcoin sale ever and its first since December 2022. The move marks a shift from Michael Saylor's longstanding "never sell" approach.

Strategy's CEO Phong Le framed it as part of a new focus on improving bitcoin-per-share metrics. Strategy shares fell more than 6% in premarket trading on the news.

Ethereum held up better, dipping just -0.19% to $2,000.50.

Looking Ahead

The Iran-Israel situation will dominate headlines heading into Tuesday. Any escalation around the Strait of Hormuz, or any sign of diplomatic re-engagement, will move oil prices and by extension the entire sector map. Traders should watch whether WTI can hold above $90 or if Monday's spike fades.

The tech-versus-everything-else divergence is worth monitoring. When only two sectors carry the index to record highs while nine sectors decline, that's a market running on a narrow engine. If the oil shock persists, the pressure on consumer-facing sectors will only build.

The SpaceX roadshow potentially starting this week could also pull attention, and capital, toward the IPO market. Between SpaceX and Anthropic, June is shaping up to be the biggest month for new listings in years.