NEW YORK / RankWire.AI / – Wall Street climbed sharply Monday as technology stocks advanced and crude oil prices retreated. The Dow Jones Industrial Average jumped 693.38 points, or 1.32%, to a record 53,178.41. The S&P 500 rose 1.48% to 7,600.50, ending close to its all-time high. The Nasdaq Composite gained 2.13% and closed at 25,913.90. Buying spread across major sectors and included many smaller U.S. companies.
Large technology and communication companies delivered some of the session’s strongest gains. Meta Platforms and Alphabet helped push the S&P 500 communication services sector up 4.3%. Amazon advanced 4.6% after its market value exceeded $3 trillion for the first time. A fund tracking seven major technology companies gained nearly 4%. Those moves gave the broader market a strong lift throughout the trading day.
Oil prices fell as markets followed developments involving the United States and Iran. Brent crude dropped 4.7% and settled at $83.77 a barrel. President Donald Trump said the United States would delay additional strikes against Iran. He also said discussions would cover the reopening of the Strait of Hormuz. Iran disputed that formal negotiations had been scheduled. The decline in oil prices reduced immediate inflation pressure and supported both stocks and government bonds.
Lower oil prices support markets
The benchmark 10-year Treasury yield fell to about 4.68% during the session. Lower yields helped technology shares because financing costs influence the value of many growth companies. Investors also continued to watch the Federal Reserve and incoming economic data. New York Federal Reserve President John Williams said inflation pressures should ease gradually. Bond prices rose as yields declined, adding another source of support for U.S. equities.
The market’s advance extended beyond the biggest technology companies. The Russell 2000 index of smaller businesses rose 1.7% to 2,981.91. Advancing shares outnumbered declining stocks by 2.62 to 1 on the New York Stock Exchange. The ratio reached 3.01 to 1 on the Nasdaq. U.S. trading volume totaled 19.36 billion shares, above the 20-day average of 17.66 billion. The S&P 500 recorded 15 new annual highs and one new low.
Earnings add strength to rally
Corporate earnings also supported investor demand for stocks. Among 304 S&P 500 companies reporting through Friday, quarterly earnings increased an estimated 29.3%. About 85.2% of those companies exceeded analysts’ expectations, according to LSEG data. Strong results from major companies helped offset recent concerns about interest rates and technology spending. Marriott International fell 7% after issuing a third-quarter profit outlook below market expectations, making it one of the session’s notable decliners.
Monday’s gains gave U.S. stocks a strong start to August after mixed trading in July. The Dow finished at a record, while the S&P 500 ended within 0.1% of its peak. The Nasdaq also extended its 2026 advance as technology stocks led the market higher. For the year, the Dow had gained 10.6%. The S&P 500 stood 11% higher, while the Nasdaq had advanced 11.5% through Monday’s close.