US Equity Markets End Higher as Crude Oil Falls on US-Iran's New Round of Talks

MT Newswires Live
Aug 04

US equity indexes ended higher Monday as crude oil prices fell after President Donald Trump said the US and Iran plan to start another round of talks.

* Trump said that the United States and Iran will hold new discussions Monday afternoon, calling off new strikes to allow for a deal following requests from allied countries. Trump later called the Iranian leadership "unbelievably duplicitous" for requesting peace talks and then saying "they're not having any discussions."

* The Institute for Supply Management's US manufacturing index rose to 55.6 in July from 53.3 in June, compared with expectations for 53.9 in a Bloomberg-compiled survey.

* The S&P Global US manufacturing index for July was revised upward to 53.9 from the flash reading of 53.8, compared with expectations for no revision in a survey compiled by Bloomberg.

* September West Texas Intermediate crude oil fell $4.52 to settle at $80.18 per barrel, while September Brent crude, the global benchmark, was last seen down $4.20 at $83.73.

* Microsoft (MSFT) shares were down about 4.9%, among the worst performers on Nasdaq and the Dow, after ArcelorMittal (MT) expanded its partnership with Microsoft to implement AI tools in its business processes. Separately, Microsoft is raising Xbox prices in the EU and the UK by up to 200 euros ($230.10) and 170 pounds ($228.33), respectively, The Verge reported.

* Marriott International (MAR) shares were down roughly 7%, among the worst performers on the Nasdaq and the S&P 500, after the company reported Q2 revenue below estimates amid headwinds from the Middle East conflict, and offered a downbeat Q3 earnings outlook.

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