NEW YORK / RankWire.AI / – Monday saw a strong upward move on Wall Street as shares in technology surged while crude oil prices declined. The Dow Jones Industrial Average surged by 693.38 points, or 1.32%, reaching an all-time high of 53,178.41. Meanwhile, the S&P 500 increased by 1.48% to close at 7,600.50, near its record peak. The Nasdaq Composite climbed 2.13% to end at 25,913.90, with broad participation across key sectors, including many smaller U.S. companies.
Tech and telecom giants delivered some of the day’s top gains, with Meta Platforms and Alphabet helping push the S&P 500 communication services sector up 4.3%. Amazon gained 4.6%, surpassing a market value of $3 trillion for the first time, while a fund tracking seven major technology firms rose nearly 4%, fueling the broader market rally throughout the trading session.
Oil prices declined as market attention focused on developments involving the United States and Iran. Brent crude fell 4.7%, settling at $83.77 a barrel. President Donald Trump announced the United States would delay additional strikes against Iran and mentioned discussions on reopening the Strait of Hormuz. Iran disputed that formal negotiations had been scheduled. The fall in oil prices eased immediate inflation pressures and supported stocks and government bonds.
Falling oil prices aid market growth
During the session, the benchmark 10-year Treasury yield dropped to approximately 4.68%, which benefited technology stocks since lower yields reduce financing costs for growth-oriented companies. Investors also remained attentive to the Federal Reserve and recent economic indicators, with New York Federal Reserve President John Williams suggesting inflationary pressures should gradually subside. As bond prices increased and yields declined, this added further support to U.S. equities.
The market’s upward momentum extended beyond the technology sector, with the Russell 2000 index of smaller firms rising 1.7% to 2,981.91. Advancing shares outnumbered declining ones by 2.62 to 1 on the New York Stock Exchange, while on the Nasdaq, the ratio was 3.01 to 1. The total trading volume reached 19.36 billion shares, exceeding the 20-day average of 17.66 billion, and the S&P 500 marked 15 new highs for the year alongside one new low.
Earnings results also bolstered investor enthusiasm for stocks. Of the 304 S&P 500 companies reporting through Friday, quarterly earnings were estimated to have increased by 29.3%. Approximately 85.2% of these firms surpassed analysts’ expectations, based on LSEG data. Strong performances from major corporations offset concerns over interest rates and technology expenditures, though Marriott International declined 7% after offering a third-quarter profit outlook below market forecasts, making it a notable decliner of the day.
Monday’s gains marked a strong start to August for U.S. equities following a mixed July, with the Dow reaching a record high and the S&P 500 closing within 0.1% of its peak. The Nasdaq also extended its gains into 2026, with technology stocks leading the charge. Year-to-date, the Dow has increased by 10.6%, the S&P 500 by 11%, and the Nasdaq by 11.5% as of Monday’s close.