US Stocks Rally as Middle East Tensions Ease and Oil Prices Plunge

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US stocks settled sharply higher on Monday as easing Middle East tensions sent crude oil prices plunging more than 5%. The S&P 500 rose 1.48% to a two-month high, the Dow Jones Industrial Average added 1.32% to a three-and-a-half-week high, and the Nasdaq 100 gained 1.78% to a one-and-a-half-week high. The slump in oil allayed inflation fears and pushed the 10-year Treasury yield down 5 basis points to 4.68%. Gains were also supported by a stronger-than-expected July ISM manufacturing index, which rose to 55.6, the fastest pace of expansion in four years. Dovish comments from New York Fed President John Williams, who said rates are well positioned and inflation should ease in the second half, further boosted sentiment. Among individual movers, Meta Platforms surged more than 6%, Boeing jumped over 8% after a double upgrade, and Atkore soared more than 28% on a $3.8 billion acquisition deal, while GameStop tumbled more than 12% on a convertible note exchange plan.

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GameStop tumbles over 12% on convertible note exchange plan.

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