{"id":1078,"date":"2026-06-09T20:10:39","date_gmt":"2026-06-09T20:10:39","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=1078"},"modified":"2026-06-09T20:10:39","modified_gmt":"2026-06-09T20:10:39","slug":"ai-stocks-are-recovering-after-suddenly-tanking-last-week-as-oil-prices-drop-more-than-3","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=1078","title":{"rendered":"AI stocks are recovering after suddenly tanking last week as oil prices drop more than 3%"},"content":{"rendered":"<div>\n<p>The S&amp;P 500 rose 0.2% and pulled back within 2.5% of its all-time high set a week ago. The Dow Jones Industrial Average was up 195 points, or 0.4%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was close to flat.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1076\">Around 22 million teenagers are making their pocket money on video games, online reselling, and in-game platforms like Roblox<\/a><\/p>\n<p>Companies selling computer chips, memory and other building blocks of the AI boom again helped lift the market.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>Micron Technology rose 0.7%, for example, a day after jumping 9.9% and two days after plunging 13.3%. The computer memory company\u2019s stock has already tripled so far this year, raising criticism that it\u2019s gone too far, too fast. Following last week\u2019s industrywide sell-off, the question is whether AI stocks are heading for a long downturn or just needed a shake-out to get rid of excessive optimism.<\/p>\n<p>The biggest gain in the S&amp;P 500 came from J.M. Smucker, which jumped 11.5% after reporting a stronger profit for the latest quarter than analysts expected. The company behind the Folgers, Hostess and other brands benefited from higher prices charged for coffee and sweet baked goods. It joined the long list of U.S. companies delivering stronger profit growth than analysts expected, which has helped drive the S&amp;P 500 to record after record this year.<\/p>\n<p>Nuvalent soared 38.8% after GSK agreed to buy the biotech company for $10.6 billion. The shares of U.K.-based GSK that trade in New York added 0.6%.<\/p>\n<p>Wall Street, meanwhile, got some relief from falling oil prices. The price for a barrel of Brent crude oil dropped 3.3% to $91.14 after briefly topping $98 the day before.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Prices have swung up and down as hopes fade and rise that the United States and Iran can reach a deal to reopen the Strait of Hormuz. That would allow oil tankers to resume delivering crude from the Persian Gulf to customers.<\/p>\n<p>The drop in oil prices helped stocks of airlines, which have been punished by soaring fuel costs. U.S. airlines spent\u00a0more than $6 billion\u00a0on jet fuel in April, up 78% from a year earlier, according to government data. United Airlines rose 3%, and Delta Air Lines climbed 2.8%.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1074\">One of America\u2019s greatest historians just died at 92 after being hit by a car in a supermarket parking lot<\/a><\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>To make up for their higher fuel bills, airlines have been raising their own airfares. It\u2019s part of the broad, painful\u00a0acceleration of inflation\u00a0hitting U.S. shoppers because of the war with Iran. The high oil prices are also pushing up\u00a0bond yields\u00a0worldwide, raising the pressure on stock prices.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Treasury yields eased a bit Tuesday with the fade in oil prices. The yield on the 10-year Treasury dipped to 4.54% from 4.56% late Monday. But it\u2019s still well above its 3.97% level from just before the war with Iran.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>The latest monthly updates on U.S. inflation will arrive later in the week, with one on consumer prices coming Wednesday and one on wholesale prices coming Thursday.<\/p>\n<p>Inflation is high enough, and the\u00a0U.S. job market\u00a0looks strong enough, that traders on Wall Street largely expect the Federal Reserve will have to raise its main interest rate at least once by the end of this year. Higher interest rates would keep a lid on inflation, but they would also threaten to slow economies and undercut prices for stocks and all kinds of other investments.<\/p>\n<p>The\u00a0average long-term U.S. mortgage rate\u00a0has already recently climbed to its highest level in nine months, and high costs to borrow money could discourage the building of AI data centers that are fueling the U.S. economy\u2019s growth.<\/p>\n<p>In stock markets abroad, indexes rose in much of Europe following bigger moves in Asia.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>South Korea\u2019s Kospi jumped 8.2% and nearly recovered Monday\u2019s plunge of 8.3%. It\u2019s been beholden to the performance of big tech stocks like SK Hynix and Samsung Electronics.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1072\">Trump on getting loudly booed by hometown New York: \u2018It was, I think, mostly cheers\u2019<\/a><\/p>\n<p>___<\/p>\n<p>AP Business Writers Matt Ott and Elaine Kurtenbach contributed to this report.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The S&#038;P 500 rose 0.2% and pulled back within 2.5% of its all-time high set a week ago. <\/p>\n","protected":false},"author":1,"featured_media":1077,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[225],"tags":[],"class_list":["post-1078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AI stocks are recovering after suddenly tanking last week as oil prices drop more than 3% - 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