U.S. stocks opened August with a strong rally, with the Dow Jones Industrial Average closing at a record high. Palantir rose more than 14% in after-hours trading, while SpaceX rebounded ahead of its earnings report.

According to PANews, the AI and cloud computing narrative returned broadly, and Microsoft has gained about 25% over the past three trading days. The Seven Magnificent Stocks Index rose 3.6%, its best single-day performance since March 31. Optical communications, quantum computing, storage, and space-related stocks also traded actively.