Highlights
Major stock averages rallied Monday on the first trading day of August with a boost from lower oil prices and lower bond yields after President Trump called off threatened attacks on Iran. The Dow Jones industrial average gained 1.3 percent to close at a record high while the S&P 500 gained 1.5 percent, and the Nasdaq was up 2.1 percent. The dollar rose on the day despite lower bond yields and oil prices.
Big technology shares led the market higher Monday with Alphabet, Amazon, Meta, Microsoft and Nvidia among the day’s biggest winners. The AI momentum trade was back in favor as many investors saw it as a better value after losses in July.
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