S&P 500 Nears Record High as Easing U.S.-Iran Tensions Lift Stocks
U.S. stocks rose on the first trading day of August as investors turned their attention to a busy week of corporate earnings. The S&P 500 gained 1.5%, moving closer to its record high. The 100 Index rose 1.8%, while the Philadelphia Semiconductor Index advanced 1.1%. An unnamed company rose another 4.6% on Monday, reached an all-time high and became the fifth company in history to surpass a market capitalization of $3 trillion. A sharp drop in oil prices also lifted market sentiment. After President Donald Trump canceled a planned attack on Iran, the United States and Iran both signaled that they were entering discussions on restoring shipping through the Strait of Hormuz. U.S. manufacturing activity recorded its fastest expansion in more than four years, providing additional support for stocks. "Corporate earnings will remain the market's focus, with companies representing about 15% of the S&P 500 by market capitalization scheduled to report results this week," said Matt Orton, chief market strategist at Raymond James Investment Management. Palantir Technologies Inc., a data-analytics software developer, reported results after the market close and raised its full-year revenue and profit outlook. "Ninety-five U.S. technology companies with market capitalizations above $1 billion will report results this week," Jefferies equity trader Jeffrey Favuzza wrote in a report. He said that, besides Palantir, investors would also focus on onsemi. An unnamed American depositary receipt rose 4.1% after the company released its largest-ever artificial-intelligence model and claimed that its performance could rival that of global leader Anthropic PBC. At the close, the S&P 500 was up 1.5% at 7,600.5. The Dow Jones Industrial Average gained 1.3% to 53,178.41. The Nasdaq Composite rose 2.1% to 25,913.9. The Nasdaq-100 gained 1.8% to 28,776.8, and the Russell 2000 advanced 1.7% to 2,981.908.
The S&P 500 gained 1.5%, moving closer to its record high. The 100 Index rose 1.8%, while the Philadelphia Semiconductor Index advanced 1.1%.
An unnamed company rose another 4.6% on Monday, reached an all-time high and became the fifth company in history to surpass a market capitalization of $3 trillion.
A sharp drop in oil prices also lifted market sentiment. After President Donald Trump canceled a planned attack on Iran, the United States and Iran both signaled that they were entering discussions on restoring shipping through the Strait of Hormuz.
U.S. manufacturing activity recorded its fastest expansion in more than four years, providing additional support for stocks.
"Corporate earnings will remain the market's focus, with companies representing about 15% of the S&P 500 by market capitalization scheduled to report results this week," said Matt Orton, chief market strategist at Raymond James Investment Management.
Palantir Technologies Inc., a data-analytics software developer, reported results after the market close and raised its full-year revenue and profit outlook.
"Ninety-five U.S. technology companies with market capitalizations above $1 billion will report results this week," Jefferies equity trader Jeffrey Favuzza wrote in a report. He said that, besides Palantir, investors would also focus on onsemi.
An unnamed American depositary receipt rose 4.1% after the company released its largest-ever artificial-intelligence model and claimed that its performance could rival that of global leader Anthropic PBC.
At the close, the S&P 500 was up 1.5% at 7,600.5. The Dow Jones Industrial Average gained 1.3% to 53,178.41. The Nasdaq Composite rose 2.1% to 25,913.9. The Nasdaq-100 gained 1.8% to 28,776.8, and the Russell 2000 advanced 1.7% to 2,981.908.