Market Open: Stocks Up, Iran Talks Resume, US Props Up Yen • 8/3/26

Summary

The August 3 market open saw stocks rally and oil fall over 6% on renewed US-Iran talks. The US intervened to prop up the yen for the first time in 15 years. A possible AstraZeneca–Bristol Myers mega merger was reported, Kevin Hassett commented on California shelter costs easing inflation, and Sony's Spider-Man had a huge opening weekend.

• Stocks opened higher: Dow +648 points, S&P 500 +0.5%, Nasdaq +0.5%.
• Oil prices plunged over 6% to below $80 on US-Iran war optimism.
• The US intervened to support the Japanese yen for the first time since 2011.
• AstraZeneca and Bristol-Myers Squibb were reported considering a $400B merger; analysts puzzled.
• Kevin Hassett said California shelter costs are declining as people leave, helping reduce inflation.
• 30-year fixed mortgage rates hover near 7% at 6.83%.
• Sony's Spider-Man: Brand New Day earned $355 million in its domestic opening, second-biggest ever.