The Dow Jones Industrial Average opened at a record high on the first trading day of August, up 1.2%, while the S&P 500 and Nasdaq Composite also rose. The gains followed President Trump's comments that he would call off an attack on Iran to restart talks, a move that also sent oil prices lower.
The Dow Jones Industrial Average opened at a record high, up 1.2%, or 637 points, extending Wall Street's late-July rally into the first trading day of August. The S&P 500 climbed 0.6% at the open. The tech-heavy Nasdaq Composite rose 0.8%.
Stocks got a boost after President Donald Trump said he would call off an attack on Iran to restart negotiations. Iran's foreign ministry denied that talks were happening. MarketWatch reported that Trump said the talks with Iran would begin Monday, even as Tehran continued to dispute that any negotiations were underway.
Brent crude oil futures traded around $83 per barrel on Trump's comments. WTI futures, meanwhile, slipped below $80 per barrel. MarketWatch put the moves at nearly 6% lower for Brent and nearly 7% lower for WTI.
Later in the session, the Institute for Supply Management's July manufacturing survey and construction-spending data are due at 10 a.m..
Sources: Barron's (snippet-based), MarketWatch
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