Wall Street closed sharply higher on Monday, with the Dow Jones Industrial Average advancing 1.3% to a new all-time closing high of 53,178.41. The S&P 500 gained 1.5% to 7,600.50, and the Nasdaq Composite surged 2.1% to 25,913.90, driven by a rebound in AI stocks and a drop in crude oil prices following the de-escalation of the U.S.-Iran conflict. President Donald Trump announced the cancellation of a planned attack on Iran, citing positive developments, which sent West Texas Intermediate crude down 5.1% to $80.34 per barrel and Brent down 4.7% to $83.77 per barrel. AI hyperscalers Meta Platforms, Amazon, Alphabet, and Microsoft saw gains of 6%, 4.6%, 4.9%, and 4.9%, respectively. The Institute of Supply Management's manufacturing PMI for July came in at 55.6, its best reading since May 2022, beating the consensus estimate of 53.8.
Amazon.com IncAI rebound boosts demand for cloud services
Alphabet Inc Class CAI rebound boosts demand for cloud services
Microsoft CorporationAI rebound boosts demand for cloud services
Meta Platforms Inc.AI rebound boosts demand for advertising