Nasdaq 100: Tech Stocks Drive US Stocks Higher as Oil Retreats Today

• Dell Technologies surged 38% after raising full-year guidance, signaling strong AI infrastructure demand, while Asian tech stocks LG Electronics and Samsung Electronics jumped 24% and 6% respectively on AI-related announcements
• WTI crude fell below $87 and Brent dropped to $92 as markets priced in diplomatic progress, easing immediate inflation pressures despite PCE data showing 3.8% year-over-year inflation above the Fed's 2% target
• The 10-year Treasury yield held near 4.45% as lower energy costs reduced inflation concerns without Fed intervention, shifting the rate outlook from potential hikes to holds and supporting growth stock momentum

Market Summary: Tech Stocks Rally on Falling Oil Prices

Key Market Movements

US stocks reached record highs on May 29, 2026, driven by falling oil prices and easing inflation concerns. The Nasdaq surged over 8% in May, significantly outperforming the S&P 500 (+5%) and Dow Jones (+2%). Nasdaq 100 futures gained 0.1%, while Dow futures rose 81 points.

Oil Price Decline

West Texas Intermediate crude fell more than 2% to below $87 per barrel, while Brent crude dropped approximately 2% near $92. The decline stems from reports that President Trump may extend a 60-day ceasefire framework with Iran, despite ongoing tensions including Iranian missile launches on Thursday.

Corporate Highlights

Dell Technologies jumped 38% after raising full-year guidance and beating earnings expectations, reinforcing confidence in AI-driven technology demand. In Asia, LG Electronics surged nearly 24% on automotive solutions developed with Google, while Samsung Electronics rose over 6% on AI memory chip shipments. Innovent Biologics gained 10% on a Pfizer partnership worth up to $10.5 billion.

Inflation and Rates

The 10-Year Treasury yield held near 4.45%, while the 2-Year sat around 4.03%. Personal Consumption Expenditures data showed inflation at 3.8% year-over-year, still above the Fed's 2% target, but monthly figures came in softer than expected, easing rate hike concerns.

Market Outlook

Technical support for June E-mini S&P 500 futures sits at 7474.75-7446.25. The primary risk remains geopolitical—any escalation in Iran tensions could spike oil prices and eliminate inflation relief. However, with strong earnings momentum and diplomatic progress, sellers currently lack a catalyst for reversal.