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Stock market today: Dow, S&P 500, Nasdaq retreat from records as hopes fade for quick US-Iran deal


US stocks declined on Wednesday, retreating from record levels as Wall Street weighed fragile US-Iran negotiations against the promise of the AI trade.

The Dow Jones Industrial Average (^DJI) fell over 1%, or over 600 points, while the benchmark S&P 500 (^GSPC) slid by about 0.7%. The tech-heavy Nasdaq Composite (^IXIC) declined by 0.9% after stocks hit record highs on Tuesday amid AI fervor.

Wall Street continued to eye the US talks with Iran that have no clear end in sight. Earlier this week, amid concerns that US-Iran negotiations were on ice, President Trump took to social media to reassure that they were continuing “at a rapid pace.” Now, however, Israel’s military campaign against Hezbollah in Lebanon has become a new hurdle to reaching a lasting deal to end the war and open the Strait of Hormuz.

The growing strains on the ceasefire sent oil prices upward on Wednesday, especially after reports of Iranian strikes against Kuwait and Bahrain and US strikes on Iran’s Qeshm Island. US WTI crude (CL=F) traded above $96 a barrel, and Brent crude (BZ=F) approached $98.

On Wednesday, earnings season continues to wrap up, with Broadcom (AVGO) and CrowdStrike Holdings (CRWD) set to report.

Data released by the payroll provider ADP showed that the US added 122,000 private sector jobs in May, in another bullish sign ahead of Friday’s marquee nonfarm payrolls report.

LIVE COVERAGE IS OVER 13 updates

  • Dow, S&P 500, Nasdaq step back from all-time highs as oil rises amid US-Iran uncertainty

    Stocks stepped back from record highs on Wednesday as oil edged higher and traders assessed the possibility of a prolonged impasse in the Middle East conflict.

    The Dow Jones Industrial Average (^DJI) fell over 1%, while the benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) lost around 0.7% and 0.9%, respectively.

    Oil edged higher as US-Iran negotiations appeared to be on ice, despite reassurances on social media from President Trump that they were continuing “at a rapid pace.”

    AI custom chipmaker Broadcom (AVGO) will report results after the bell.

  • Broadcom edges higher ahead of quarterly results

    Broadcom (AVGO) stock edged up more than 1% to touch a new intraday all-time high on Wednesday ahead of the chipmaker’s fiscal second quarter results due after the closing bell.

    Wall Street analysts expect the company to post adjusted earnings of $2.39 per share on revenue of $22.13 billion. The company reported earnings per share of $1.58 per share on revenue of $15 billion for the same three-month period a year ago.

    Broadcom is expected to benefit from hyperscaler artificial intelligence spending this year, which is estimated to reach $650 billion. The custom chipmaker’s customers include Google (GOOG, GOOGL), Meta (META), and AI developers Anthropic (ANTH.PVT) and OpenAI (OPAI.PVT).

    “Broadcom is priced for perfection going into today, and the bull case is that it might actually deliver perfection,” Mark Malek, chief investment officer at Siebert Financial, wrote in a note on Wednesday.

    “The growth has been enormous, they’ve beaten their own guidance seven quarters running, and the backlog gives them real visibility,” he added.

    Shares of the chip maker have been on a tear over the past five sessions, adding $300 billion in market cap.

  • Bitcoin continues plunge as one analyst says token’s ‘bear market is in late stages’

    Bitcoin (BTC-USD) extended losses on Wednesday, dropping more than 2% to hover near $66,000.

    The world’s largest cryptocurrency has been in sell-off mode in recent sessions. Investor sentiment deteriorated on Monday after digital asset treasury giant Strategy (MSTR) revealed it sold tokens for the first time since 2022.

    Although the sale of 32 tokens was just a fraction of Strategy’s more than 843,000 bitcoin, the move rattled markets, as it was a departure from the company’s aggressive buy-and-hold strategy.

    Read more here.

  • Why Navitas stock is surging today

    Shares of Navitas (NVTS) surged 23% on Wednesday, making the stock one of the most looked at on Yahoo Finance’s platform in afternoon trading.

    The stock spiked after Navitas highlighted its close relationship with Nvidia (NVDA). Navitas makes high-tech chips that help with power flow in data centers, and the company said its 800 V-to-6 V DC-DC power delivery board would be on display at Nvidia’s showcase at the Computex annual chip summit in Taipei.

    Navitas TW Country Manager Stacey Cho with the Nvidia executive team. (Navitas)
    Navitas TW Country Manager Stacey Cho with the Nvidia executive team. (Navitas)

    Navitas also said it participated in Nvidia’s Partner Ceremony on May 29.

    The move on Wednesday was the latest example of the Nvidia magic touch, where any association with the artificial intelligence leader can boost shares. Marvell (MRVL) investors got a dose of that dynamic this week as shares have jumped about 37% since Nvidia CEO Jensen Huang called the chipmaker the “next trillion-dollar company.”

  • US Strategic Petroleum Reserve on pace to hit lowest level since the early 1980s later this month

    Yahoo Finance’s Ben Werschkul reports:

    Another 8 million barrels of oil were withdrawn from the US government’s Strategic Petroleum Reserve last week, putting it on par with Biden-era lows.

    The energy backstop is likely just a week or two away from hitting the lowest levels seen since it was first being filled in the early 1980s, and withdrawals are expected to continue through the summer.

    The reserve has been falling throughout May, with new government data released Wednesday showing a level of 357.1 million barrels for the week ending May 29.

    The latest drop comes as concerns intensify about dwindling global energy stocks and an effective blockade of the Strait of Hormuz, where 20% of the globe’s oil passed before the war, remains in effect.

    Read more here.

  • Jake Conley

    Walmart CEO says rising gas prices are pressuring US consumers

    Walmart (WMT) CEO John Furner said that higher gas prices are putting pressure on US households as the war in Iran pushes up oil prices worldwide.

    “That’s really the stress point, is the price of fuel,” Furner said Wednesday during the retailer’s annual shareholder meeting in Bentonville, Ark., in comments reported by Bloomberg. The CEO added that lower-income cohorts are feeling more pressure than higher-income shoppers, who largely continue to spend.

    As the conflict in the Middle East has sent prices of international crude oil and US crude surging by 30% and 40%, respectively, compared to pre-war levels, prices of refined products such as gasoline and diesel have been squeezed even harder.

    Gasoline prices have come somewhat off their rally earlier in the year, where the US national average crossed $4.50 per gallon amid the war. But the average remained at $4.26 per gallon on Wednesday, according to AAA — more than $1 above the $3.13 average a year ago.

    Walmart itself flagged higher fuel costs as a pain point for the retail giant’s bottom line in its most recent earnings report, warning that those costs could end up passed on to consumers in the form of higher prices on goods.

    Furner said Wednesday that goods prices at Walmart have risen roughly 1%, tracking below US headline inflation.

  • Macy’s reports best sales growth in 4 years as CEO says ‘not all customers are equal’

    Yahoo Finance’s Brooke DiPalma reports:

    Macy’s (M) reported its best growth in four years in the first quarter and raised its 2026 outlook despite pressure on US consumers. The company benefited from its higher-income shoppers as economists point to a K-shaped economy that continues to divide US consumers.

    Macy’s CEO Tony Spring told Yahoo Finance that the department store struck a balance in its portfolio between affluent Bloomingdale’s customers and middle-income Macy’s customers. The Macy’s customer tends to earn over $75,000 a year, while a majority of Bloomingdale’s customers earn over $100,000.

    “Whether you like the K- or the E- [shaped economy], we still live within that economic environment where not all customers are equal,” Spring said. “Our teams are just really focused on making sure that we get our fair share of the business by executing on the categories that are most important, that are trending well, by making sure that we’re flowing a level of newness to both our physical and digital businesses.”

    Macy’s overall same-store sales grew 3% in the first quarter. Bloomingdale’s was the standout with 10.2% same-store growth, while Macy’s posted its fourth consecutive quarter of same-store sales growth, up 1.6%.

    Read more here.

  • Jake Conley

    Meta begins selling businesses access to AI agent

    Meta (META) will soon begin selling access to an AI agent in a new monetization path for the tech giant increasingly pushing into AI.

    As of Wednesday, companies will now be charged for access to the “Meta Business Agent,” Bloomberg reported, citing a company spokesperson. The agent’s primary role focuses on communication with a business’s customers on Meta’s communications platforms WhatsApp, Messenger, and Instagram.

    Meta shares rose 3% on the news.

    In the future, the agent will be able to complete tasks such as managing users’ calendars and putting together market research, Bloomberg reported.

    Smaller businesses will have to pay for a subscription to use the agent, while larger businesses will pay Meta for the token costs powering the service.

    A similar service has been offered before, but it was free of charge, Bloomberg reported.

  • Jake Conley

    US stocks open in the red on Wednesday

    US stocks fell on Wednesday as investors digested new action in the Middle East, weighed against continued strength in the AI trade.

    The Dow Jones Industrial Average (^DJI) fell 0.4%, while the benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) both lost 0.3%.

    Stocks fell as oil prices moved up on Wednesday after reports that Iran had struck major infrastructure in Bahrain and Kuwait, while the US struck targets inside Iran. International Brent (BZ=F) ticked up 1.3%, while US WTI crude (CL=F) rose a slightly stronger 1.4%.

    On the economic data front, numbers from payrolls provider ADP reported that the US added 122,000 private sector jobs in May.

  • Jake Conley

    US private employers add 122,000 jobs in May, outperforming expectations

    US private employers added 122,000 jobs in May, payroll processor ADP said Wednesday, exceeding expectations and growing over April’s gain.

    Economists surveyed by Bloomberg had expected an increase of 120,000 roles after April’s revised count of 105,000 positions added. The report, one of several major labor market datasets due this week, is likely to support the sentiment that the labor market is stabilizing and moving in a positive direction.

    The education and health services sector, and the trade, transportation, and utilities sector saw the largest gains, adding 57,000 positions and 36,000 positions, respectively. Out of the industries ADP tracks, only information, natural resources, and mining lost jobs.

    “Hiring was more broad-based in May than we’ve seen in the last few years,” ADP chief economist Nela Richardson said in a statement. “The labor market continues to show sustained momentum going into the summer hiring season.

  • Marvell stock gains another 12%, extending wild year-to-date rally

    Marvell (MRVL) stock is trying to make Nvidia CEO Jensen Huang’s words a reality.

    On Tuesday, Huang and Marvell CEO Matt Murphy were on stage together at the Computex annual chip conference in Taiwan, where Huang called Marvell “the next trillion-dollar company.”

    Shares of the custom chipmaker soared 32% on Tuesday on the comment, highlighting Huang’s influence in a market chasing the artificial intelligence boom. In March, Nvidia invested $2 billion in Marvell — another strong endorsement by the AI kingmaker.

    The run isn’t over. On Wednesday, Marvell stock added another 12% in premarket trading.

    While Marvell’s market cap of $254 billion remains a long way from $1 trillion, it’s grown significantly from a roughly $76 billion market cap in January. The stock is up 242% year to date.

  • SpaceX aiming for $135 a share in $75 billion IPO

    Bloomberg reports:

    SpaceX aims to sell 555.6 million shares ​at $135 apiece for its record-breaking $75 ​billion ⁠initial public ​offering, Reuters reported, citing an unidentified person familiar with the matter.

    The report indicates SpaceX is breaking from the traditional IPO process, whereby companies typically announce a price range before marketing the shares during investor roadshows, and set the price before trading begins. SpaceX didn’t immediately respond to a request for comment.

    SpaceX's Starship rocket lifts off during a test flight from Starbase, Texas, Friday, May 22, 2026. (AP Photo/Eric Gay)
    SpaceX’s Starship rocket lifts off during a test flight from Starbase, Texas, Friday, May 22, 2026. (AP Photo/Eric Gay) · AP Photo/Eric Gay

    AI rivals OpenAI and Anthropic PBC look to forge ahead with listings of their own, while Alphabet Inc. (GOOG) — which has its own large language models and AI infrastructure businesses — revealed plans for a record $80 billion equity offering on Monday.

    The SpaceX deal would be the largest IPO on record, more than doubling the $29.4 billion raised by Saudi Aramco in 2019.

    Read more here.

  • Oil holds gains as Israeli attacks on Lebanon upset US-Iran peace talks

    Bloomberg reports:

    Oil rose a third day, as contradictory headlines on the prospects of a US-Iran peace deal boosted price swings.

    West Texas Intermediate (CL=F) climbed above $95 a barrel, after adding more than 7% in the prior two sessions, while Brent (BZ=F) closed at $96 on Tuesday. President Donald Trump said he’s still optimistic the US can reach an interim peace deal soon — disputing reports in Iranian state media that talks with Washington had been suspended over the fighting in Lebanon — adding that the two sides have been “continuously” having conversations.

    Trump wants Iran to put specific nuclear concessions in writing as part of a preliminary agreement to end the war, ABC News reported, citing people familiar with the matter. Tehran had earlier given verbal assurances that it would agree to certain terms related to their nuclear program, according to the report.

    Another key sticking point in the peace talks is Israel’s determination to continue military strikes against Hezbollah that could derail US objectives. Tehran insisted that Lebanon must be part of any peace agreement amid days of deepening Israeli military escalation in the country and a threat to bomb Beirut, the capital.

    Read more here.



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