Stocks Soar as Trump Calls Off Iran Strikes and ISM Manufacturing Index Surges
The global stock market experienced a significant surge on Monday morning after President Trump announced that he had called off strikes against Iran, which led to a sharp decline in crude oil prices.
West Texas Intermediate (WTI) crude plummeted by 6.21% to $79.41 per barrel, causing energy equities to drop as well, with the Energy Select Sector SPDR falling 1.30%. However, the overall market reacted positively, with the S&P 500 rising 1.16%, the Dow increasing 1.04%, and the Nasdaq Composite climbing 1.77%.
The July ISM Manufacturing PMI report also played a significant role in the market's performance, as it came in at 55.6%, exceeding expectations of 54.0%. This marked the strongest factory reading since May 2022 and indicated that manufacturing has expanded for seven consecutive months.