Market Report, 2026-06-02

The market drifted higher and established a 9-day winning streak on Tuesday. AI continued to be the major driver of stock prices, as advancements were largely concentrated among companies that stand to benefit significantly from AI infrastructure spending. The energy sector was an exception, as it continued to post stellar returns due to elevated geopolitical risks that lifted oil prices, with the U.S. and Iran showing no concrete signs of reaching an agreement.

All major indices posted modest gains. The Dow Jones Industrial Average rose 229 points to 51,308. The S&P 500 ended the day 0.13% higher at 7,610, setting a new record high. The NASDAQ was little changed, finishing at 27,094. Utilities were the top-performing sector today, followed by technology and materials. Consumer stocks, healthcare, and communication services ended the day in the red, weighed down by a sharp decline in Google’s parent company, which recently raised additional funds through an equity offering.

The bond market saw interest rates decline moderately today. The U.S. 5-year Treasury yield dropped 2 basis points to 4.17%, while the U.S. 10-year Treasury yield declined 3 basis points to 4.44%.

Economic data released today shed some light on the labor market outlook. U.S. job openings jumped to their highest level since 2024, with 700,000 more openings than economists had expected. While this development showcases the resilience of the U.S. economy, it could also signal to hawkish central bankers that labor market risks are less urgent than ensuring inflation remains contained.

Tomorrow, widely followed private payroll data, a services sector survey, and the Fed’s Beige Book will be released. Adams Wealth Advisors will continue to provide updates.