US Stock Market Surges on Trump's Iran Cancellation

The US stock market rebounded sharply on August 3 after President Donald Trump announced that he had cancelled planned military strikes against Iran. The Nasdaq Composite soared 191.46 points to reach 25,565.31, while the Dow Jones Industrial Average climbed 609.72 points to 53,094.75.

The tech-heavy Nasdaq's upward momentum was driven primarily by robust gains among major technology giants, with Microsoft surging 5.22% and Amazon jumping 5.29%. However, semiconductor stocks exhibited significant weakness, with Western Digital tumbling 5.70% and Seagate Technology plunging 6.58%.

The Dow Jones also demonstrated remarkable strength, advancing 609.72 points to 53,094.75. The index's rally was broad-based, with significant contributions from technology and industrial components, led by Microsoft and Amazon.