US stocks finished mostly higher on Monday, July 28th, as sharply lower oil prices eased inflation concerns. The Dow Jones Industrial Average rose by $262.83 points, a 0.51% increase, closing at $52,210.08, and the S&P 500 edged up by $1.20 points, a 0.016% increase, to $7,413.18. These gains were driven by strong corporate earnings and a decline in crude oil, which was spurred by a pause in US-Iran attacks, raising hopes for a diplomatic solution and reducing worries about energy supply disruptions.
The Nasdaq Composite, however, declined by $43.74 points, or 0.18%, closing at $24,932.08, as losses in semiconductor companies weighed on the technology-heavy index. This chip stock sell-off was attributed to intensifying competition in the semiconductor industry, with shares of AMD falling around 5.2%, Teradyne dropping 4.3%, and Micron Technology losing about 2.3%. The S&P 500's equal-weighted version, which removes market-value biases, hit record highs.
International benchmark Brent crude futures fell approximately 11% to about $87.60 per barrel, while US benchmark West Texas Intermediate settled 9.8% lower at $81.65 per barrel. This decline in oil prices supported consumer staples and other sectors sensitive to energy costs. Investors are also focusing on upcoming quarterly earnings reports from major US technology companies, including Amazon, Apple, Meta Platforms, and Microsoft, and are awaiting the US Federal Reserve’s interest rate decision on Wednesday. Durable goods orders in the US rose less than expected in June, up 0.3% month-on-month, or $1.1 billion, to $334.8 billion.
