US Markets
Update: S&P 500, Dow Notch New Highs on Earnings Boost, Hormuz Deal Optimism
(Updates with market moves at the end of the day, and other changes, if any.)The S&P 500 and the Dow Jones Industrial Average jumped to fresh all-time highs on Tuesday, buoyed by earnings and diplomatic efforts to reopen the Strait of Hormuz.The S&P 500 climbed 1.8% to 7,736.52. The Dow rose 1.7% to 54,085.88, notching a record high for a second consecutive day. The Nasdaq Composite added 2.6% to settle at 26,584.99, extending its advance to a fourth session.Among sectors, technology paced the gainers with its 4.1% jump, while utilities led the laggards.Palantir Technologies' (PLTR) stock surged nearly 30%, the best performer on the S&P 500, as the company late Monday lifted its full-year revenue guidance on the back of stronger-than-expected second-quarter results."With the US (second-quarter) earnings reporting season in full gear, traders and analysts seem to have stopped punishing stocks of companies with expansive (artificial intelligence)-related capex plans," Macquarie said in a Tuesday report. "So far, US quarterly earnings reports haven't disappointed, in aggregate."Caterpillar (CAT) was the biggest gainer on the Dow, up 5.6%. The company raised its full-year revenue outlook as it generated more than $20 billion in sales for the first time in a single quarter.Snap (SNAP) soared nearly 15% after the social media company announced second-quarter results above Wall Street's estimates.SpaceX (SPCX) shares jumped 9.4%. The rocket and satellite company released its first quarterly results since going public after the closing bell.West Texas Intermediate crude oil fell 5.6% to $75.86 a barrel in Tuesday late-afternoon trade, while Brent declined 5.2% to $79.43.Treasury Secretary Scott Bessent told CNBC that the US and Iran could reach an agreement to reopen the Strait of Hormuz, the world's most important chokepoint for crude flows, by Wednesday."We are in talks with the Iranians," Bessent said. "There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict."Efforts to resolve the US-Iran conflict are "in very progressive stages," according to Qatar's Foreign Ministry spokesperson Majed al-Ansari, CNN reported.Treasury yields fell, with the two-year yield down 5.6 basis points at 4.2% and the 10-year yield dropping 6.3 basis points to 4.62%.Spot gold rose 0.6% to $4,079.74 per troy ounce, while silver gained 3.4% to $59.82 per ounce.
Dow JonesNasdaq CompositeS&P 500$CAT$PLTR$SNAP$SPCX
