This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.
What Happened in Markets Today
Brent crude fell almost 5% on hopes of reopening the Strait of Hormuz, while U.S. stock indexes posted strong gains. Iran said Monday that there weren't any talks under way with the U.S. nor were any meetings planned, after President Trump said the day before he had called off a major strike on the country to provide more time for negotiations. Investors viewed the developments positively. The Nasdaq jumped 2.1%, the S&P 500 rose 1.5%, and the Dow industrials gained 1.3%.
Marriott shares fell 7%. The hotel chain missed quarterly revenue estimates and said it is bracing for persistent challenges stemming from the Iran war. Construction has slowed on new hotels in the Middle East, and management said the biggest hit to sales could be yet to come.
Amazon shares rose about 5%, sending the company's stock-market value past $3 trillion. The gain followed a 15% jump on Friday, which was Amazon stock's best day in years after a blockbuster second-quarter earnings report.
Alibaba released a new artificial-intelligence model, called Qwen 3.8-Max, in the latest sign of intensifying competition in the AI race. The Chinese company's shares jumped 7% in Hong Kong, while its U.S.-traded ADRs also rose.
AstraZeneca fell 9% and Bristol-Myers Squibb was little-changed, after media reports that the two drugmakers held merger talks. The Financial Times reported, citing unnamed sources, that AstraZeneca held discussions with Bristol about a tie-up in recent months. A potential deal between AstraZeneca and Bristol would create a pharma giant with a combined market value of roughly $400 billion and more than $100 billion in annual sales.
Markets at a Glance
One Big Story
Higher education is in real financial trouble. College leaders are cutting programs, laying off faculty -- and digging into endowments to pay operating expenses.
Boards of trustees are under intense pressure and some are turning on one another and the presidents they employ. In extreme cases, schools are covering day-to-day bills with funds that donors gifted for other purposes, without the donors' knowledge or consent.
This tactic is creating a new loser in the consolidation of higher education: thousands of philanthropists who have donated billions of dollars to colleges and universities across generations.
What's Coming Up
-- Companies scheduled to report quarterly results Tuesday include SpaceX,
Advanced Micro Devices, Caterpillar, Merck, Amgen and McDonald's.
-- Economic reports due Tuesday include U.S. trade balance, factory orders
and job openings. Kansas City Fed President Jeff Schmid is scheduled to
deliver remarks.
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About Us
Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Jonathan Weil, a columnist for Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.
