Dow rallies 700 points, heads for record close on Big Tech gains, lower oil: Live updates

The Dow Jones Industrial Average surged 714 points on Monday, edging closer to its record high close just north of 53,000, which was hit on July 6. The S&P 500 gained 1.6%, while the Nasdaq Composite advanced 2.3%. Tech stocks drove the market's advance, with Meta Platforms up nearly 6%, Amazon hitting a record $3 trillion market capitalization, and Nvidia, Alphabet, and Microsoft all climbing around 5% each.

This marked a sharp turnaround from tech's rocky July performance, where the State Street Technology Select Sector SPDR ETF (XLK) declined nearly 8%. Investors now view big tech's capex spending as an attractive return on investment, according to Jed Ellerbroek, a portfolio manager at Argent Capital Management. The market expects semiconductors and data center capex beneficiaries to double or more in Q2.

Meanwhile, oil prices fell as President Trump canceled planned strikes against Iran and hinted at talks resuming. Brent crude futures dropped 5% to $83.46 a barrel, while West Texas Intermediate futures declined over 7% to $78.59 per barrel. Boeing shares jumped 7% after its 737 Max 7 received FAA approval, despite years of delays. Apple underperformed, falling 0.8%, as it reported weak guidance due to supply challenges.