US Equity Indexes Rise as Treasury Yields Decline With Crude Oil

02:01 PM EDT, 06/04/2026 (MT Newswires) -- US equity indexes rose in midday trading Thursday amid a broad-based rally as a decline in crude oil futures helped push government bond yields lower.

The Dow Jones Industrial Average jumped 1.6% to 51,516.9, the S&P 500 rose 0.5% to 7,591.9, and the Nasdaq Composite added 0.2% to 26,899.5 in Thursday's midday trading.

All sectors but technology and materials rose, with healthcare, financials, and communication services topping the gainers.

Broadcom's (AVGO) decision not to upgrade its 2027 artificial intelligence guidance apparently disappointed investors, especially as the chip designer reported strong semiconductor demand, UBS Securities said in a client note sent Thursday. Broadcom (AVGO) shares fell more than 11%, among the worst performers on the S&P 500 and the Nasdaq.

In economic news, employers announced 97,006 layoffs in May, the highest for the month since 2020, up 16% from April and 3% from a year earlier, with the shift toward artificial intelligence still the leading reason for cuts, Challenger, Gray & Christmas said Thursday.

"On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."

US initial jobless claims rose to 225,000 in the week ended May 30 from a downwardly revised 212,000 in the previous week, compared with expectations for 215,000 in a survey of analysts compiled by Bloomberg. The four-week moving average jumped by 6,500 to 214,750.

In geopolitical news, Hezbollah on Thursday rejected the latest ceasefire agreement between Israel and the Lebanese government, demanding a complete Israeli withdrawal from Lebanon as more fighting there hampered efforts to end the Iran war, the Associated Press reported.

This comes as the House on Wednesday approved a war powers resolution that would halt US military action against Iran, according to a separate Associated Press report. If the resolution were to pass in the Senate, where 50 of 100 senators have appeared to support it, US President Donald Trump would be required to either withdraw troops from Iran or gain approval from Congress for the war, according to an analysis from CNN.

The White House, which has signaled it believes the underlying law is unconstitutional, could try to ignore the resolution, per CNN.

Brent crude futures dropped 3% to $94.81, and West Texas Intermediate crude oil futures fell 3.5% to $92.67.

US Treasury yields fell, with the 10-year down 2.4 basis points to 4.47% and the two-year lower by 3.9 basis points to 4.05%.

In precious metals, gold futures climbed 0.8% to $4,503.3, and silver futures advanced 0.4% to $73.96.

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