US stocks hit record highs as jobs data beats forecasts despite oil

The S&P 500 closed at a fresh all‑time high of 7,398.93, up 0.8%, after the Labor Department reported that employers added 115,000 jobs in May, nearly double economists’ expectations [1]. The Dow Jones Industrial Average inched up 12 points to 49,609.16 and the Nasdaq Composite surged 1.7% to 26,247.08, each also posting record levels.

The robust payroll numbers helped the market shrug off a 1.2% rise in Brent crude, which settled at $101.29 a barrel amid renewed fighting in the Strait of Hormuz between U.S. and Iranian forces [1]. While oil prices remain well above the pre‑conflict $70 range, the optimism surrounding the labor market and corporate earnings outweighed the geopolitical risk premium.

Corporate earnings added further lift. Monster Beverage jumped 13.6% after beating profit and revenue forecasts, driven by record overseas sales that now represent about 45% of its total—a company high [1]. Akamai Technologies surged 26.6% on a modest earnings beat and the announcement of a $1.8 billion, seven‑year cloud‑infrastructure contract with an undisclosed client, reflecting strong demand for AI‑related services [1]. Conversely, AI‑compute provider CoreWeave saw its stock fall 11.4% despite revenue doubling year‑over‑year, as a wider‑than‑expected loss and a softer revenue outlook dampened sentiment [1].

The rally extended the S&P 500’s sixth consecutive winning week, the longest streak since 2024, and kept U.S. equities climbing since late March on hopes that the Iran‑U.S. ceasefire holds and oil supplies normalize [1]. Meanwhile, Treasury yields slipped, with the 10‑year note falling to 4.36% from 4.41% the day before, easing borrowing costs for households and businesses and further supporting equity valuations [1].

Globally, most European and Asian markets fell, though South Korea’s Kospi nudged up 0.1% to a new high, underscoring the divergent regional reactions to U.S. data and oil price moves [1].

The key question now is whether the labor market’s momentum can sustain equity gains if oil prices stay elevated and geopolitical tensions persist, or if a shift in consumer sentiment—already near its lowest since 2022—could reverse the current bullish trend.