Oil plunges, Dow records. Amazon hits $3T

Rundown · 2026-08-04

August opened with a rip: Trump paused Iran strikes for diplomacy, cracking oil -5% to ~$80 — the Dow closed at a record (+693), Nasdaq +2.1%, S&P +1.48% (0.3% from its ATH). AMZN hit $3T; 10Y fell below 4.7%. Over 100 S&P names report this week; Friday = NFP.

Market Performance

• S&P 500: 7,600.50 (+1.48%) — within ~0.3% of its June all-time high
• Nasdaq: 25,913.90 (+2.13%) — led; best first-trading-day of a month since Oct 2022
• Dow: 53,178.41 (+1.32%) — +693.38 pts, a fresh closing record high
• Breadth broad: 8 of 11 sectors higher; the equal-weight S&P +1.0%
• Sector leaders: Comm Services +4% (META +6%, GOOGL ~+5%), Consumer Disc · Laggard: Energy
• 10Y yield: fell below 4.7% — the oil drop pulled yields off last week's multi-month highs
• WTI crude: ~$80 (-5%) — Trump paused planned Iran strikes for Hormuz diplomacy
• ISM Manufacturing PMI: its highest since May 2022 — a real factory-sector bright spot

Oil Plunges on the Iran Pause: Records Follow

• Trump paused planned Iran strikes, opting for Hormuz talks — oil settled down ~5%
• Cheaper crude = less inflation pressure = lower yields — the cleanest risk-on setup in weeks
• NVDA +3%, GOOGL + MSFT ~+5%, META +6% — the AI-megacap guard did the heavy lifting
• Nasdaq is now +6.1% over three sessions — its best 3-day run since May 2025
• Note: Iran disputed that any talks were scheduled — the de-escalation is hope, not yet a deal

Earnings Roll On + Friday's Jobs Test

• ~61% of the S&P has reported; 86% are beating — Q2 on pace to grow nearly 45% YoY
• Tech, comm services, consumer disc + energy each on pace for 65%+ growth; Russell Midcap 20%+
• Over 100 S&P 500 companies report this week — the busiest stretch of the season
• Friday's nonfarm payrolls is the key release — NFP has averaged just 92K/month through June
• AMZN reached a $3T market cap for the first time, extending Friday's post-earnings surge

Notable Movers

• (CRWV) +19% — Truist upgraded to Buy after a 42% pullback; strong Big Tech earnings reinforced AI-hardware demand
• (AMZN) +5% — A post-earnings rally carried the company to a $3 trillion market cap for the first time
• (GME) -12% — Announced a private exchange of $1.4B in convertible senior notes for equity

Private Dealmaking

• Lantheus (radiopharma · Curium) — $8B
• Integer (medical devices · KKR) — $5.7B
• Atkore (electrical mfg · Prysmian) — $3.8B
• BioCatch (fraud intel · Visa · Israel) — $2.4B
• Bowhead Specialty (insurance · Am Family) — $1.2B
• Base Power (home battery) — $1B

TLDR

• S&P +1.48% to 7,600.50 (0.3% from ATH); Nasdaq +2.13%; Dow +693 pts to a record close
• Oil -5% to ~$80 after Trump paused Iran strikes for diplomacy; 10Y fell below 4.7%
• AMZN hit $3T market cap; comm services +4% (META +6%); 8 of 11 sectors higher
• ISM Manufacturing at its highest since May 2022; CRWV +19% on a Truist upgrade
• ~61% reported, 86% beating, Q2 growth pace ~45%; 100+ S&P names report this week
• Friday's NFP is the key test (avg 92K/mo through June, 4.2% unemployment); GME -12% on a note swap

The Bottom Line

August began where July's best days left off — the AI-earnings tailwind plus an oil plunge equals a record Dow. Trump's decision to pause Iran strikes cracked crude 5%, pulled the 10Y back below 4.7%, and let the megacap guard (META +6%, Amazon to $3 trillion) carry the tape. But two things keep it honest: Iran denied any talks were scheduled, so the de-escalation is still just hope — and Friday's jobs report looms as the week's real pivot. With payrolls averaging a soft 92K, a weak print reignites the cut-not-hike debate that's whipsawed this market all summer.

_For informational purposes only. Not investment advice._