Market Midday: Stocks Rally, Iran Peace Hopes Grow, Oil Falls • 8/3/26

Summary

The midday market update covers a broad stock rally with Dow, S&P 500, and Nasdaq gains. Oil prices dropped over 6% on optimism around US-Iran tensions. Tyson Foods cut its profit forecast amid high cattle costs, while cyberattacks on US water systems were linked to Iran. Kevin Hassett noted falling shelter costs in California aiding inflation, and the US intervened to support the Japanese yen for the first time in 15 years.

• Stocks rally with Dow up 537 points, S&P 500 +1.3%, Nasdaq +2%.
• Alphabet and Boeing lead Dow higher, up about 5% each.
• Oil falls over 6%, US crude below $80 on Iran peace hopes.
• Tyson Foods cuts annual profit forecast on widening beef losses from tight cattle supplies.
• Iran suspected in cyberattacks on US water systems; CrowdStrike's Adam Isles details disruption tactics.
• Kevin Hassett says falling shelter costs in California are helping lower inflation.
• US intervenes to prop up Japanese yen for first time in 15 years, yen near 40-year low.
• Mortgage rates hover near 7% as 30-year fixed rate sits at 6.83%.