AI trade roars back to lift S&P 500 to a record 7,737 as oil tumbles 5.7%

The Nasdaq jumped 3.3% to 29,733 on broad tech strength while US crude fell to $75.77 on a US-Iran deal to reopen the Strait of Hormuz.

Deepakshi

Kristal Research & Marketing team

5 Aug

Key takeaways — AI summary

The Nasdaq gained 3.3% to 29,733 and the S&P 500 rose 1.8% to a record 7,737, with technology up 4.1% in a broad rally; the Dow also set a fresh high.
US crude tumbled about 5.7% to $75.77 and Brent slipped below $80 for the first time since early July after the US and Iran reached an initial deal to reopen the Strait of Hormuz and extend their ceasefire; officials said challenges remain.
Palantir surged 30% after revenue near $1.94 billion and a raised full-year outlook of $8.16 billion, while Arista Networks rose 11% on a 38% sales jump; AMD fell 7% despite a beat as its ~$13 billion next-quarter guide fell shy of the highest hopes.
The 10-year Treasury yield eased to 4.62% as cheaper oil cooled inflation fears; June job openings fell more than expected to 7.36 million and gold firmed to about $4,087.
Amazon briefly topped $3 trillion before giving back gains on news of a $4 billion Bezos share sale, and SpaceX fell more than 8% after hours on higher capital spending ahead of a Thursday lock-up expiry.

Generated by Kristal AI · reviewed by the research desk

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