US Stock Market Today: S&P 500, Dow Edge Higher On Iran Peace Hopes; Nasdaq Jumps 1% As AI Rally Intensifies

Wall Street began this holiday shortened week in the green on Monday on hopes of peace in Iran. 

Dow Jones Industrial Average jumped 177.95 points and opened 0.39% higher at 50,722.9., S&P 500 opened 0.71% higher at 7,526.69 and tech-heavy Nasdaq Composite index rose 1.01% to open at 26,611.70. US stock markets were closed Monday due to the Memorial Day holiday.

S&P 500 climbed 0.9% last week to post its longest weekly winning streak since late 2023. Dow last week saw its third weekly gains and climbed 2.1%. The Nasdaq also saw 0.5% gains and saw its seventh week of gain.

The bond market fell on Tuesday with the yield on 10-year Treasuries declining eight basis points to 4.49%.

Crude oil prices came off its lows with West Texas Intermediate futures for July trading 4% lower to $92 per barrel. Brent on the other hand rose 3% to $99 per barrel.

Boeing Co, Goldman Sachs Group Inc., JPMorgan Chase & Co. were up nearly 1%, while Johnson & Johnson, Coca-Cola Co fell over 1%. Chip stocks were roaring with Micron Technology, Segate Technology and Western Digital surging on Tuesday.

The currency front remained muted with Dollar Spot Index little changed, the euro also little changed at $1.1628, and the Japanese yen fell 0.2% at 159.26 per dollar. However, the British pound rose 0.3% to $1.3463. 

Bitcoin, the largest traded cryptocurrency, fell 0.5% to $76,824.95.

This is a developing story.

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