U.S. stocks close higher as Nvidia surges

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U.S. stocks close higher as Nvidia surges

2026-06-02 13:58 Last Updated At：15:07

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.

South Africa announces fuel price adjustments for June

South Africa will change pump prices for several fuel types, effective Wednesday, the government said, citing a mix of domestic and international economic factors.

Minister of Mineral and Petroleum Resources Gwede Mantashe said in a statement on Monday that global crude prices remain under pressure from geopolitical tensions in the Middle East, including disruptions affecting the Strait of Hormuz.

During the review period ending in May, the average price of Brent Crude increased from about 101 U.S. dollars to 104.59 dollars per barrel.

According to the Department of Mineral and Petroleum Resources (DMPR), both 93 and 95 octane petrol will rise by 1.43 rand (about 0.09 U.S. dollars) per liter, while 0.05 percent sulphur diesel will fall by 3.24 rand per liter.

"Middle distillates, specifically diesel and illuminating paraffin, experienced larger declines than petrol because of lower seasonal demand as the Northern Hemisphere moves into summer. These market dynamics contributed to reductions in the Basic Fuel Price for diesel and illuminating paraffin," it said.

Wholesale illuminating paraffin will fall by 5.96 rand per liter. The maximum retail price of liquefied petroleum gas will be lowered by 0.17 rand per kg nationally and by 0.20 rand per kg in the Western Cape, with other provinces seeing different adjustments.

These prices will remain in force until the end of June. The DMPR reiterated that the government will continue to use available mechanisms to shield consumers from sharp, full-scale fuel price increases.