Wall Street climbed as crude oil prices plunged, easing investor concerns. The Dow Jones rose 1.06% to 53,038.81, the S&P 500 gained 1.22% to 7,580.84, and the Nasdaq Composite advanced 1.87% to 25,848.37. The sharp fall in oil prices followed signs of easing tensions between the United States and Iran, reducing fears of supply disruptions. Brent crude slipped 4.9% to 83.65 dollars per barrel, while US crude dropped 5.2% to 80.20 dollars.
Amazon shares surged 5.3%, crossing the three trillion dollar market cap milestone. Alphabet climbed 4.7% and Meta gained 6.7%, while Apple declined 1.6%. Chipmakers struggled, with Micron falling 4.9% and AMD dropping 2.7%. AI cloud firms Nebius and CoreWeave rose more than 13%. Marriott International slid 7.2% after weak profit guidance.
Treasury yields retreated, with the 10 year yield easing to 4.68% from 4.75%. Gold slipped 0.3% to 4,029.84 dollars per ounce, silver fell 0.8%, platinum dropped 1.6%, and palladium declined 1.8%.
Investors now await the July US jobs report along with earnings from Disney, McDonald’s, and SpaceX. These results are expected to guide market momentum in the coming days.