Dow hits record as oil slides, SpaceX surges on Cursor deal

Oil’s slide pushed the Dow to an intraday record as investors piled into stocks tied to a softer inflation outlook and a steadier economy. At the same time, chipmakers and software shares dragged tech lower, underscoring how quickly the market is splitting between names that benefit from cheaper energy and those more exposed to higher valuations.

The move was broad but uneven. Seven of the 11 major S&P 500 sector indexes were higher, with financial shares leading the advance. The energy index fell 0.4%, while the S&P tech index slipped 0.5% after a sharp prior-session rally. Bloomberg said the Nasdaq 100 fell 1.2% as chipmakers and software firms retreated, even as the Dow hovered near record territory. Oil prices dropped to nearly a three-month low, and the benchmark slipped below $80 on expectations that supply could improve.

That market split is telling. Cheaper oil tends to ease pressure on inflation, which can give the Federal Reserve more room to keep policy steady and reassure investors that rate cuts are not needed just to offset an energy shock. It also favors sectors that tend to move with the broader economy, while leaving richly valued technology names vulnerable when rates stay elevated and enthusiasm cools after a fast run-up.

The focus now turns to the Fed’s decision on Wednesday, June 17, 2026. Policymakers are widely expected to keep interest rates in the 3.50% to 3.75% range, and investors are watching Kevin Warsh’s first press conference as chair for any signal on inflation, unemployment and the economic outlook. The oil move has added another layer to those expectations by reinforcing the view that price pressures may ease if energy markets stay calmer.

SpaceX added a separate jolt to the day’s trading mood. The company jumped almost 9.5%, briefly surpassing Amazon’s market value and becoming the fifth-most valuable U.S. firm after announcing a deal to acquire Anysphere, the maker of Cursor, for $60 billion. The rally extended a run that has helped keep broader sentiment firm even as tech weakens, with the Dow also logging major gains on June 4, June 11 and June 15.

Even with hopes for a U.S.-Iran peace deal helping to pull oil lower, shipping markets remained wary about how quickly confidence would return if the Strait of Hormuz reopened. For now, traders are betting that cheaper fuel will show up first in the economy, and the stock tape is already reflecting that view.