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On Monday, U.S. markets experienced a rally driven by gains in major technology stocks and a significant drop in oil prices. The Dow Jones Industrial Average increased by 693.38 points, or 1.32%, closing at a record 53,178.41. Meanwhile, the S&P 500 advanced 1.48% to 7,600.50, just shy of its all-time high, and the Nasdaq Composite surged 2.13% to 25,913.90, leading the primary indexes. The market’s positive momentum marked a broad-based start to August, spanning both large and small-cap stocks.

US stocks fell as Microsoft led a tech selloff and ADP reported unexpected private job losses, boosting bets on a Fed rate cut before the holiday slump.