U.S. strategic petroleum reserve hits lowest level since January 2024

The U.S. strategic petroleum reserve fell to 357.1 million barrels as of May 29, marking the lowest inventory level since January 2024, according to the latest data from the Department of Energy.

The reserve was down by around 8 million barrels of crude from a week earlier, the data showed.

The weekly draw from the reserve is roughly at a pace with the previous few weeks.

U.S. stocks ended higher and key indexes refreshed new record highs on Monday, fueled by a product announcement from Nvidia.

The Dow Jones Industrial Average rose 0.09 percent to 51,078.88. The Standard and Poor's 500 added 0.26 percent to 7,599.96. The Nasdaq Composite Index increased by 0.42 percent to 27,086.81.

Nine of the 11 primary Standard and Poor's 500 sectors ended in the red, with utilities and consumer discretionary leading the laggards by losing 3.05 percent and 2.62 percent, respectively. Meanwhile, technology and energy led the gainers by adding 2.48 percent and 1.86 percent, respectively.

The session's momentum was driven by semiconductor giant Nvidia, whose shares jumped more than 6 percent after Nvidia CEO Jensen Huang officially unveiled "RTX Spark," an Arm-based consumer superchip engineered to power local agentic artificial intelligence (AI) applications directly on personal computers.

The announcement triggered significant structural movements across the hardware ecosystem. Dell Technologies and HP, both confirmed as primary launch partners for upcoming Windows-based AI laptops alongside Microsoft's newly teased Surface Laptop Ultra, surged 10.7 percent and 8.51 percent, respectively. Conversely, legacy processor giant Intel saw its shares slide over 4 percent.

For this week, investor focus has rapidly turned toward Friday's upcoming nonfarm payrolls report. Wall Street analysts expect the comprehensive employment update to provide critical clarity on current labor market tightness and heavily influence whether the central bank will maintain its current interest rate trajectory through the upcoming summer policy meetings.