Monday, June 1, 2026
[4:10 PM ET…closing prices for stocks; 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri. Feb. 27…regular $2.98…diesel $3.75
Mon., June 1…reg. $4.32…diesel $5.44
‘Regular’ is down 24 cents from the highs. Gasoline futures, which peaked at $3.75 or so, are down below $3.10.
President Trump was quiet this weekend regarding negotiations over a ceasefire extension and a memorandum of understanding with Iran, even though he had met with his advisers for two hours in the Situation Room Friday.
Then Sunday evening, he blasted media coverage of the negotiations on Truth Social, and early Monday morning, 1:02 AM, the president posted:
“Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us. But don’t the Dumocrats, and various seemingly unpatriotic Republicans, understand that it is MUCH tougher for me to properly do my job and negotiate, when political hacks keep negatively ‘chirping,’ at levels never seen before, over and over again, that I should move faster, or move slower, or go to war, or not go to war, or whatever. Just sit back and relax, it will all work out well in the end – It always does! President DJT”
The U.S. and Iran clashed a bit over the weekend, though the U.S. insisted its attacks on suspected radar and drone sites did not threaten the existing ceasefire. Iran fired some missiles at Kuwaiti targets early Monday which Kuwait’s air defenses took out.
Oil was trading up early this morning on the reports of renewed hostilities, and then they spiked higher, to above $94 on West Texas Intermediate (after closing Friday at around $87.50), and $97 on Brent, following reports that Iran would suspend exchanges of messages with the U.S. in response to Israel’s escalating military operations in Lebanon. According to the semi-official Tasnim news agency, Iran’s negotiating team will halt talks and the exchange of documents through mediators, accusing Washington of sending mixed signals and prolonging negotiations.
Earlier today, Foreign Ministry spokesperson Esmail Baghaei said Iran remained engaged with the U.S. but continued to do so with “distrust.”
CNBC interviewed the president briefly before 1:00 PM and Trump said, “I don’t care if they’re over,” referring to negotiations.
And then Trump issued two posts….
Trump, 1:29 PM:
“I had a very productive call with Prime Minister Bibi Netanyahu, of Israel, and there will be no Troops going to Beirut, and any Troops that are on their way, have already been turned back. Likewise, through highly placed Representatives, I had a very good call with Hezbollah, and they agreed that all shooting will stop – That Israel will not attack them, and they will not attack Israel.”
Trump, 1:43 PM:
“Talks are continuing, at a rapid pace, with the Islamic Republic of Iran. Thank you for your attention to this matter! President DONALD J. TRUMP”
I’m sorry, but while Trump held a call with Netanyahu, everything else is rather suspect, to say the least, beginning with the fact Israel wasn’t sending ‘troops’ to Beirut, they were going to resume attacks on the Hezbollah stronghold in the southern part of the city (near the airport…I’ve driven ‘over’ it, multiple times…a causeway). And I just don’t see who he would have been talking to inside Hezbollah…but, whatever. If I’m wrong, I’ll admit it.
Stocks had opened up on the day, and then stayed that way on this first trading day of June. For the record, the S&P 500 gained just over 5.1% in May, with an 8.4% advance for Nasdaq, largely off the back of staggering advances in chip and tech stocks that have defined the market’s record rally since the end of March.
On a different issue, Ukrainian President Volodymyr Zelensky warned he is expecting Russia to carry out a major attack on his country soon based on intelligence shared by the U.S. and European allies.
Zelensky told CBS’s “Face the Nation” in an interview airing Sunday that he expects Russia to attack with drones, and cruise and ballistic missiles, saying intelligence officials have seen Russian forces’ preparation.
The potential impending attack comes as Ukraine has gained some momentum on the battlefield, with defense analysts saying Ukraine is poised to break a stalemate that has been in place since late 2023. Ukrainian officials say the next six months are critical.
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Dow Jones +46…+0.1% [51078…record]
S&P 500 +19…+0.3% [7600…record…just saw, 7599.96…]
Nasdaq +114…+0.4% [27086…record]
Oil (WTI) $92.50…Brent $95.30
Gold $4485
Silver $74.85
Bitcoin $71,480 [4:00 PM ET…awful stretch…]
U.S. 2-yr. 4.04%
U.S. 10-yr. 4.46%
Japanese 10-yr. 2.66%
Back Tues.
Brian Trumbore
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