Trump's Iran U-Turn Sends Oil Prices Tumbling, Boosts Wall Street

Oil prices plummeted on Monday following President Donald Trump's decision to hold off on new strikes against Iran, easing worries about inflation and boosting Wall Street.

The S&P 500 rose 1% after its wild July, where it swung up and down due to oil price spikes caused by the war with Iran. The Dow Jones Industrial Average was up 711 points or 1.4%, while the Nasdaq composite was 1.2% higher.

The sharp drop in oil prices sent Brent crude plummeting 5.4% to $83.17, calming concerns about inflation. Treasury yields also fell as a result, with the 10-year Treasury yield dipping to 4.68% from 4.75%. This decrease is still above its pre-war level of 3.97%, but it's a relief for investors who were worried about the impact on stocks and other investments.