Stock futures experienced an uptick on Monday, marking the beginning of a new month of trading, following the conclusion of May when major indexes reached record highs. The latest surge in tech stocks was fuelled by the announcement that Nvidia is venturing into the PC business. Futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 indicated increases of 0.4%, 0.3%, and 0.3%, respectively, in recent trading. The three leading U.S. indexes concluded Friday at record highs, propelled by a surge in shares of Dell Technologies, which spearheaded a tech-stock rally, while oil prices experienced a decline amid optimism surrounding a potential U.S.-Iran peace agreement.

The blue-chip Dow, benchmark S&P 500, and tech-heavy Nasdaq Composite concluded the day with respective increases of 0.7%, 0.2%, and 0.2%. Notably, the S&P 500 marked its ninth consecutive week of gains. Shares of Nvidia rose about 2% before the bell after CEO Jensen Huang unveiled the firm’s new RTX Spark superchip at the Computex conference in Taiwan, and stated it will be partnering with fellow Magnificent Seven member Microsoft, Dell Technologies, and HP to produce new PCs using the chip. Microsoft, Dell, and HP shares increased by 3%, 1.5%, and 4%, respectively. U.S.-listed shares of Arm Holdings experienced a significant increase of 14% as the company announced its collaboration with Nvidia on the chip. In contrast, shares of semiconductor firms Qualcomm, Intel, and Advanced Micro Devices, which dominate the market for PC chips, declined by 8%, 5.5%, and 4.5%, respectively, in response to the news.

Elsewhere, shares of Taylor Morrison Home soared 22% after Berkshire Hathaway acquired the firm in an all-cash deal with a total enterprise value of $8.5 billion. Oil prices experienced an uptick on Monday, reflecting the precarious nature of the U.S.-Iran ceasefire, which has once again come under strain due to renewed military engagements between the two nations. Concurrently, Israel has intensified its operations against Hezbollah, an Iran-backed group in Lebanon. West Texas Intermediate futures, the U.S. crude oil benchmark, increased by 3.6% to $90.50 a barrel in recent trading, whereas front-month contracts of Brent crude, the global benchmark, rose by 3.1% to $94.

Prices declined by approximately 10% last week; however, they remain elevated by nearly one-third since the onset of hostilities in the Middle East at the end of February. The 10-year Treasury yield, a key determinant of interest rates on mortgages and various consumer loans, was recorded at 4.47% in recent trading, an increase from 4.44% at the close on Friday. Gold futures declined by 1.3%, settling at $4,535 per ounce. Bitcoin was at 72,600, down from overnight highs above 74,000. The U.S. dollar index, which monitors the value of the greenback against a selection of foreign currencies, increased to 99.05.