Big Tech Boosts US Stocks as Nasdaq Leads Gains
US stocks rose at the start of August with Big Tech driving performance, particularly lifting the tech-heavy Nasdaq Composite. The index climbed 1.7%, outpacing a 1.1% gain in the S&P 500 and a 1% rise for the Dow Jones Industrial Average after a strong finish to July. Market sentiment improved following reports of de-escalation between the US and Iran, with oil prices falling after President Trump announced he had called off an attack against Iran to pursue diplomatic negotiations. Investors are now turning attention toward this week's earnings season, highlighted by Palantir Technologies reporting on Monday and SpaceX preparing for its first quarterly report since going public. The stock of SpaceX is currently near a record low. Additionally, the ISM manufacturing index rose slightly in August, reaching 55.6%, indicating continued expansion. The focus remains on Friday's key jobs report expected to show further employment gains.
Topics: Big Tech Dow Jones Industrial Average Nasdaq Composite oil prices S&P 500 stock market