Big Tech boosted US stocks as August began, kicking off a busy week of earnings and ahead of a fresh look at the health of the labor market.
The tech-heavy Nasdaq Composite (^IXIC) led the major indexes higher, rising 1.7%, while the S&P 500 (^GSPC) gained 1.1%. The Dow Jones Industrial Average (^DJI) also increased 1% after a volatile July ended on a high note last week.
A turn toward diplomacy in the war between the US and Iran lifted market sentiment over the weekend. Oil prices fell after President Trump said he called off an attack against Iran in order to negotiate on a deal to open the Strait of Hormuz on Monday.
“Get to work, everybody, and get it DONE,” Trump posted on Truth Social about a potential deal.
The earnings calendar, meanwhile, gears up for another week of key corporate results. Palantir Technologies (PLTR) reports Monday, and markets are gearing up for SpaceX’s (SPCX) first quarterly report since becoming a public company, as the stock hugs an all-time low.
Investors also received gauges of the manufacturing sector’s health on Monday, with ISM’s purchasing managers’ index rising 2.3 percentage points above June’s figure to reach an expansionary 55.6%. The key report to watch this week, however, is Friday’s jobs report, which is expected to show further employment gains in July.