momentum & Iran hopes drive stocks higher

Dow hits a record, oil slides 5%, and Trump calls talks Iran's "last chance." Wall Street kicked off August with a broad rally — S&P 500 +1.5%, Nasdaq +2.1% — driven by tech strength, a blockbuster earnings season, and hope for a diplomatic breakthrough on the Strait of Hormuz. Amazon topped $3 trillion in market cap, Palantir raised guidance after 93% revenue growth, and Boeing got FAA sign-off on the 737 MAX-7. In FX, Japan spent roughly $100 billion in two days defending the yen alongside the US Treasury. We cover the full overnight wrap and look ahead to SpaceX's first public earnings, JOLTS data, and Friday's nonfarm payrolls.