The Dow surged above 54,000 with a 907-point gain
What seasonality?. Wall Street has roared out of the gate to start August thanks to easing Middle East tensions and upbeat corporate earnings reports. The Dow added 907 points for its fourth straight win, marking its largest single-session gain since June 11 and a record close above 54,000. The S&P 500 and small-cap Russell 2000 (RUT) followed suit with record closes of their own, while the tech-heavy Nasdaq, powered by Palantir's (PLTR) post-earnings breakout, vaulted past 26,000.
Continue reading for more on today's market, including:
- From our Substack: Workday stock could lead the SaaS charge.
- Discount retail stock to avoid in August.
- Plus, August outperformers; Nike downgraded; and a semiconductor stock to know.
5 Things to Know Today
- Factory orders fell unexpectedly in June. (Reuters)
- 25 states are suing President Donald Trump over tariff refunds. (CNBC)
- 24 more stocks with a history of August outperformance.
- Nike stock stymied by downgrade.
- Semiconductor stock posts strong results.
Oil Extends Rout, Breaches $80
Oil prices tumbled again, breaching $80/barrel on hopes that the Strait of Hormuz will be reopened. September-dated West Texas Intermediate (WTI) crude shed 5.6% to settle at $75.87 per barrel.
Gold prices gained today after the JOLTS report indicated no movement on the job openings front. August-dated gold futures added 1.5% to settle at $4,095.40 per ounce.