Dow Hits Record High as Oil Prices Plummet

Stock futures were relatively flat on Monday night after a significant rally during regular trading pushed the Dow Jones Industrial Average to a record closing high.

The rally was driven by lower oil prices and gains in major tech stocks, including Amazon, which eclipsed $3 trillion in market cap for the first time. Nvidia shares also surged higher along with Meta Platforms, while Alphabet and Microsoft saw significant increases during the day.

'Animal spirits are buoyant to begin the month,' said Jose Torres, senior economist at Interactive Brokers, noting that recent manufacturing and services sector data released Monday and 'recent earnings calls boost confidence' in capital return prospects. Oil prices fell 5.1% to settle at $80.34 per barrel after President Donald Trump walked back plans for additional attacks on Iran.

Investors will be watching corporate earnings reports from companies such as Caterpillar, McDonald's, and chipmaker AMD, which is set to post results after the bell. Economic data includes June factory orders and international trade figures for the month.