Big tech leads a broad rally as oil tumbles to start August

The Nasdaq 100 climbed 1.78% to 28,777 and the S&P 500 rose 1.48% to 7,601 as AI-cloud names surged and US crude sank $4.33 to $80.34 after Trump called off an Iran strike.

Deepakshi

Kristal Research & Marketing team

4 Aug2 min

Key takeaways — AI summary

The Nasdaq 100 rose 1.78% to 28,777 and the S&P 500 gained 1.48% to 7,601, with nine of eleven sectors higher and the equal-weighted S&P up about 1%.
AI-cloud enthusiasm drove the biggest movers: CoreWeave +19%, Palantir +11% (sales up 93%, US commercial revenue up 150%, raised outlook), Reddit +10%, Oracle +9% and Meta +6%; Amazon hit fresh all-time highs.
Apple slipped 2% and is down nearly 10% since earnings on a slowing services business, becoming the stock investors sell to fund AI bets; eBay fell 6% and Circle was downgraded by Morgan Stanley (target cut to $38 from $106).
Oil dropped sharply after Trump shelved a planned Iran strike and pressed firms to lower prices; US crude fell $4.33 to $80.34, sending the energy sector down 1.23%.
The ISM Manufacturing index rose to 55.6, its highest since May 2022 with factory hiring growing for the first time in 33 months, while the 10-year Treasury yield eased to 4.68%.

Generated by Kristal AI · reviewed by the research desk

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