By Heard on the Street Staff
This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.
What Happened in Markets Today
Anthropic makes the first move. AI company filed confidential IPO papers on Monday. That puts the maker of the Claude chatbot on a path to beat ChatGPT parent OpenAI to a public listing. The winner gets more than bragging rights, as data shows that the first IPOs in "industry clusters" tend to outform later ones.
AI ecosystem gets another boost. Anthropic's surprise filing and Nvidia's move into the PC market proved good news for a host of tech names exposed to AI. Nvidia's share price jumped more than 6% while Microsoft gained 2.3%. Dell, a maker of both AI-enabled PCs and servers, surged nearly 11%. Arm Holdings jumped nearly 16% on the belief that Nvidia's entry into PCs will boost the market share of its basic chip designs that rival the x86 chips made by Intel and AMD..
Cooling in Lebanon? AI enthusiasm was tempered by fresh skirmishes between the U.S. and Iran early in the day. President Trump later claimed that "all shooting will stop" between Israel and Hezbollah. The Dow closed up 46 points at 51,079, while the S&P 500 picked up 0.3% and the Nasdaq rose 0.4%.
Barry Diller gives MGM its latest jackpot. Shares of MGM Resorts surged 16% to lead S&P 500 gainers after Diller's People Inc. offered to take over the rest of the company in a deal valued around $12.4 billion. The company previously known as IAC already owns about a quarter of the casino giant.
Markets at a Glance
One Big Story
Golf is becoming younger and more accessible. That gives this latest boom more staying power than the Tiger Woods wave of the late 1990s. The stock market has noticed.
What's Coming Up
-- Dollar General and Victoria's Secret report quarterly results Tuesday morning. -- Palo Alto Networks, Ulta Beauty and GitLab post results in the afternoon. -- Microsoft will kick off its annual Build conference in San Francisco Tuesday morning.
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About Us
Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Dan Gallagher, a technology columnist for Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.
(END) Dow Jones Newswires
June 01, 2026 16:32 ET (20:32 GMT)
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