Dow Jumps Over 500 Points as Oil Prices Slide

Stocks opened February on a positive note, even as commodity markets experienced another bout of sharp volatility.

After a hesitant start to the session, all three major U.S. indexes moved higher, led by the Dow Jones Industrial Average, which climbed 515 points, or 1.1%. The S&P 500 finished just shy of its record high. Oracle shares reversed earlier gains after the company outlined a $50 billion financing plan to support its AI expansion. Elsewhere in tech, memory stocks including Sandisk, Seagate and Western Digital ranked among the S&P 500’s top performers.

Treasury yields edged higher after U.S. manufacturing activity unexpectedly expanded in January, pushing the 10-year yield up to 4.276%. Markets largely shrugged off President Trump’s new trade agreement with India, as well as news that a partial government shutdown would postpone Friday’s jobs report.

Disney shares tumbled 7.4% after the company cautioned that growth would be subdued this quarter, citing weaker international attendance at its U.S. theme parks.

In commodities, silver prices swung wildly, trading in a range exceeding 20 percentage points after volatility erupted during Asian hours. Gold also saw sharp moves, with futures for both metals ending the session down roughly 1.9%.

Metals have been under scrutiny following a monthslong rally—driven in part by retail investors—that abruptly reversed late last week. The selloff spilled into other markets, weighing on mining stocks and riskier assets such as bitcoin, which slid over the weekend to levels last seen during April’s tariff-related turmoil.

Oil prices retreated after President Trump said Iran appears to be negotiating seriously with the U.S. Brent crude futures fell 4.4% to $66.30 a barrel.