Y’all Street Daily
Crude tumbled more than 6% after the White House traded threatened strikes for negotiations, though Tehran disputes any talks are underway.
Market Snapshot
All figures are indicative opening levels as of this morning, August 3.
Equities opened the week on the front foot, with the Dow, S&P 500 and Nasdaq all higher as the weekend delivered the de-escalation traders had been hoping for.
The dollar and gold both eased as haven demand faded, oil did the heavy lifting on the downside, and the VIX held near the low end of its recent range.
Palantir headlines today’s earnings slate with a report after the close, and options are pricing a double-digit swing.
Amazon is still riding Friday’s blowout, up around 15% after its cloud arm grew nearly 37%, while SpaceX slips ahead of its first quarterly report as a public company, with a large share lockup due to expire later this week.
Main Story
The biggest move of the day came from crude, not equities.
- President Trump said he called off massive strikes on Iran and that negotiations would begin Monday afternoon, sending WTI down around 6% to around $79 and Brent toward $83.
- The mainstream read is clean de-escalation, with Gulf allies including Saudi Arabia said to have pushed hard for diplomacy over confrontation.
- Watch the gap between Washington and Tehran, because Iran’s Foreign Ministry says no talks are actually taking place and OPEC+ just added supply, so the drop in oil may not be only about peace.
Chart of the Day
Crude is the chart that matters today.
It has traced a textbook head and shoulders since mid-July, with the head near $86 and both shoulders rolling over around $84.
Today’s drop drove price straight into the neckline near $79, and a clean break below there would complete the pattern and open the door toward the low $70s where the 50-day average sits.
Technical Trading
A few levels worth marking in crude after today’s slide.
- The 100-day moving average has flipped to resistance and price is now trading below it, per Barchart and Investing.com.
- Neckline support sits around $79, just under the recent swing low of $79.72.
- The 14-day RSI has slipped back to its midline and the 100-day average has crossed below the 200-day, both leaning bearish.
Global News
- Trump called off strikes on Iran and said talks begin Monday, though Tehran denies any negotiations are underway, leaving the ceasefire narrative unconfirmed.
- OPEC+ agreed to lift September output by around 188,000 barrels a day, adding supply just as the geopolitical risk premium drains out of oil.
- Amazon jumped around 15% after its cloud unit grew nearly 37%, its fastest in more than four years, and over a dozen banks lifted their targets.
- With about 300 S&P 500 names reported, roughly 85% have beaten estimates and aggregate profit growth is tracking above 47%, one of the strongest seasons in years.
- The dollar index eased to around 99.7 as the weekend de-escalation pulled money out of havens.
Texas News
The Dallas Fed’s latest survey showed oil and gas activity across Texas holding steady in early 2026, with moderate prices keeping a lid on hiring and new investment.
American Electric Power added roughly six gigawatts of signed load in the quarter, mostly in Texas, a reminder of how fast power demand is building across the state.
Looking Ahead
Monday, August 3: Palantir reports after the close, the week’s first major read on AI software demand.
Tuesday, August 4: SpaceX posts its first quarterly results as a public company, days ahead of a large share lockup expiring August 6.
Friday, August 7: The July jobs report caps a heavy data week that also brings JOLTS and weekly jobless claims.
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Prices from Yahoo Finance, CNBC and Fortune. Technical levels from Investing.com and FXStreet. News from Reuters, Al Jazeera and CNBC.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.
