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Update: US Equity Indexes Surge as Technology Leads Amid Strong Earnings While Iran Deal Optimism Pushes Crude Oil Lower

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(Updates with index/price moves and geopolitical news from the first paragraph.)

US equity indexes jumped as earnings helped propel technology to the top of sector charts, while a slide in crude oil and government bond yields reflected optimism that the Strait of Hormuz could soon reopen.

The Nasdaq Composite surged 2.8% to 26,641.2, with the S&P 500 up 2% to 7,750.3 and the Dow Jones Industrial Average higher by 1.9% to 54,208.5 ahead of Tuesday's close. The S&P 500 and the Dow touched their respective 52-week highs earlier in the session. Technology was the standout gainer, followed by materials and industrials. Energy led decliners.

Palantir Technologies (PLTR) surged 29%, the top gainer on the S&P 500 and the Nasdaq, after Q2 sales and adjusted earnings surpassed analysts' estimates and the company, one of the most prominent names in the artificial intelligence industry, boosted its full-year 2026 revenue outlook.

VanEck Semiconductor Exchange-Traded Fund (SMH), with net assets of $77.2 billion, jumped 5.8%.

Iranian Foreign Ministry spokesman Esmaeil Baghaei said Iran and Oman are continuing talks aimed at ensuring the safe flow of traffic through the Strait of Hormuz, with discussions focused on designating safe inbound and outbound lanes, Al Jazeera, a Middle Eastern broadcaster, reported. Iran's goal in its talks with Oman "is to set temporary arrangements" - lasting up to three months - where Tehran can control a route through the strait, an official told CNN.

Iran is considering allowing European nations to remove mines from the strait, a potential climbdown that could form part of a deal to normalize shipping in the waterway and ease peace negotiations with the US, Bloomberg reported. US Treasury Secretary Bessent said a deal to open the Strait could come as early as "today or tomorrow," allowing "freedom of movement" for commercial vessels, the news report said.

The front-month US West Texas Intermediate crude oil fell 5.7% to $75.76 a barrel, and global benchmark North Sea Brent slid 5.2% to $79.37 a barrel.

US Treasury yields dropped, with the 10-year down 5.7 basis points to 4.63%. The two-year yield slid 5.4 basis points to 4.20%.

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