Tech Giants Lead Record-Breaking Stock Market Rally Amid Easing Tensions

The US stock market has hit record highs, driven by major tech companies and easing tensions in the Middle East.

The Dow Jones Industrial Average set a new high, while the Nasdaq rose over 2% and the S&P 500 surpassed 7,600. Communication services jumped 3%, with industrials and consumer discretionary gaining 2% each.

Large-cap tech stocks were at the center of the rally, with Amazon rising more than 4% to surpass a market capitalization of $3 trillion for the first time in history. Meta surged by over 6%, while Alphabet and Microsoft recorded gains of around 5% each.

The easing of tensions in the Middle East also contributed to the stock market's rise, with international oil prices plummeting by more than 5%. The US manufacturing indicators for July improved at the fastest pace in about four years, further boosting investor sentiment.