Dow Jones Rises 392 Points as Stocks Gain Amid Oil, Fed, Iran

The Dow Jones Industrial Average climbed 392 points Thursday as U.S. stocks moved higher while investors tracked developments in oil markets, U.S.-Iran tensions and Federal Reserve signals. The S&P 500 rose 0.53% and the Nasdaq Composite gained 0.63%.

Brent crude futures increased 1.22% to above $96 a barrel and West Texas Intermediate traded near $92, up about 1%. On Thursday the 10-year U.S. Treasury yield was around 4.75% after briefly touching 4.818% on Wednesday. The two-year Treasury yield reached its highest level since January 2025 during the prior session.

Market odds for a September rate increase changed during the trading day. Fed funds futures showed about a 54.6% probability of a September hike, down from roughly 63.2% a day earlier after remarks from Federal Reserve Governor Christopher Waller indicating the Fed could keep rates unchanged if upcoming inflation data does not surprise.

Corporate results sent mixed signals. Broadcom issued a fourth-quarter revenue forecast that fell short of analysts’ expectations and its shares fell about 5.6%. Snowflake reported better-than-expected second-quarter revenue and earnings and provided strong guidance; its stock rose more than 21% in trading. ServiceNow added 6.11%, Salesforce rose about 3.14% and Adobe climbed roughly 3.7%.

Traders said the day’s moves reflected differences in investor reactions to companies linked to artificial intelligence spending and other tech names. Market participants are watching Friday’s U.S. jobs report for fresh data on the labor market and implications for Fed policy.

The Japanese yen strengthened more than 1% to about 156.1 per dollar. Global bond yields moved lower during the session. U.S. indexes entered Thursday after ending a three-day losing streak in the previous trading day. Historically, September has seen several large one-day drops in the S&P 500, with nine of the 40 largest one-day declines occurring in that month.