US stocks soar, DOW and S&P hit record highs
US stocks soared on Tuesday, with the Dow and S&P 500 reaching record highs as strong corporate earnings and falling oil prices boosted risk appetite across the globe. The S&P 500 index soared 1.79% to 7,736.52, a new all-time high, while the tech-heavy Nasdaq Composite climbed 2.59% to 26,584.99. The blue-chip Dow jumped 907.47 points, or 1.71%, to close at a fresh record of 54,085.88.
Technology and industrials gained impressively while financial stocks also rallied steadily. Crude oil prices extended decline after US Treasury Secretary Scott Bessent said Washington and Tehran were holding talks and could reach an agreement as early as Tuesday or Wednesday to reopen the Strait of Hormuz. US benchmark West Texas Intermediate crude futures tanked 6.4% at $75.20 per barrel.
Palantir Technologies surged 29.4% after it reported strong second-quarter results. Palantir Technologies reported a revenue of $1.94bn for the second quarter, up 93 percent from a year earlier, and raised its forecast annual revenue to between $8.15bn and $8.158bn, up from $7.65bn to $7.662bn earlier. It said strong demand from both commercial customers and government agencies drove the surge.
Caterpillar also rose 5.4% after reporting quarterly results above market expectations and raising its revenue growth outlook. The company cited strong demand for equipment used in the expansion of artificial intelligence data centers. It said its full-year tariff costs were likely to come in at the lower end of its previous forecast.
On the economic front, new orders for manufactured goods in the United States stood at $656.5 billion in June, slipping 0.3% month-over-month, data from the US Census Bureau showed on Tuesday. The Department of Labor released the June Job Openings and Labor Turnover Survey (JOLTS) data on August 4, offering a mixed assessment of the labour market. The total number of job openings remained largely unchanged at 7.4 million and hires were unchanged at 5.3 million.
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