Is the Oil Rollercoaster Far From Over? 06/10/2026
Market Wrap
U.S. stocks advanced Monday, led by another strong showing from technology and artificial-intelligence names even as Treasury yields remained near multidecade highs.
The Nasdaq Composite gained roughly 1%, reaching an all-time high and closing at a record. The S&P 500 rose 0.7%, while the Dow Jones Industrial Average added about 90 points, or 0.2%.
AI-related stocks powered much of the advance. SpaceX (SPCX) jumped more than 7%, while Nvidia (NVDA) and Tesla (TSLA) gained more than 2% each. Meta Platforms (META) and Microsoft (MSFT) advanced more than 1%.
Oil prices moved lower, providing some relief to markets. Brent crude fell 1.9% to $100.32 a barrel, while West Texas Intermediate dropped about 1.8% to $89.43. Crude prices edged higher again early Tuesday.
Treasury yields, however, remain a key risk for equities. The 10-year yield climbed above 5.3%, briefly reaching its highest level since 2002, while the 30-year yield topped 5.7%, its highest in roughly 24 years.
Attention now turns to Wednesday's minutes from the Federal Reserve's September meeting, which could provide fresh insight into policymakers' latest rate increase and the outlook for monetary policy.
AI Boom Lifts Asia Growth — and Raises the Stakes
The World Bank raised its 2026 growth forecast for East Asia and the Pacific as booming demand for artificial-intelligence hardware fuels exports, while warning that the region's growing dependence on AI creates new risks.
The region is now expected to expand 4.5% this year, up 0.3 percentage point from its April forecast, before slowing to 4.4% in 2027 and 4.3% in 2028. Vietnam received one of the biggest upgrades, with growth projected at 7.4%.
AI-related goods accounted for more than half of export growth across most regional economies and more than 70% in Malaysia, the Philippines, Thailand and Vietnam. Meanwhile, trade growth excluding AI products has been weak or negative.
The World Bank warned that a reversal in global AI spending could therefore remove a key pillar of regional growth. AI capital expenditure has reached roughly 6% of U.S. GDP, while about $800 billion of the $2.9 trillion in planned AI investment through 2028 is expected to be financed through private credit.
A correction would not necessarily end the AI investment cycle, but it could expose economies that have become increasingly dependent on technology demand.
For markets, AI remains a powerful growth engine — but the bigger the boom becomes, the greater the potential impact of any slowdown.
Stocks on the Move
- Wells Fargo (WFC): Shares gained 1% after Morgan Stanley upgraded the bank to overweight from equal weight, citing improving balance-sheet growth, easing funding pressure and a clearer path toward higher returns.
- DraftKings (DKNG): Shares jumped more than 5% after Bank of America upgraded the stock to buy from neutral, highlighting prediction markets as a potential new growth driver that could generate significant revenue beginning in 2027.
- Estée Lauder (EL): Shares rose 2.8% after Barclays upgraded the beauty company to overweight from equal weight, citing an improving growth and earnings outlook over the next several years.
- Harley-Davidson (HOG): Shares climbed 5.7% after Citi upgraded the motorcycle maker to buy from neutral, pointing to improving retail trends, upcoming product launches, cost savings and potential earnings upside from LiveWire.
Watchlist: TSLA, META, SPCX, NVDA, MSTR, COIN, WFC, RPM, LW, MU, RKLB
Key Economic Events Today
Economic Data (EST)
- 08:30 AM — USD Trade Balance
- 10:45 AM — USD FOMC Member Bowman Speaks
Earnings
Before Market Open: RPM International (RPM), Lamb Weston Holdings (LW), Apogee Enterprises (APOG)
After Market Close: Constellation Brands (STZ), Penguin Solutions (PENG), Worthington Steel (WS)
