Stocks Resume Decline as Chipmakers and AI Companies Fall

Stocks resume declines as chipmakers and AI names falter. The S&P 500 fell 0.61%, the Dow 0.88%, and the Nasdaq 100 0.80%. June E-mini futures for the S&P and Nasdaq were down about 0.7% and 0.97%, respectively. Rising crude prices added pressure on airline stocks. US May CPI rose 4.2% year over year, with core CPI up 2.9%. Mortgage applications rose 10.8% for the week ended June 5. WTI crude oil climbed after US–Iran strikes, lifting energy shares. Markets price in virtually no chance of a 25 basis point rate hike at the June FOMC meeting.