US stock market today: Wall Street near new record high as earnings drive rally; crude prices slip

US stock market today: Wall Street near new record high as earnings drive rally; crude prices slip


Such growth would be the strongest earnings expansion since the extraordinary rebound in the spring of 2021.

US stock market today: Wall Street moved closer to fresh record highs on Tuesday as easing oil prices and another round of strong corporate earnings lifted investor sentiment.The S&P 500 gained 0.6% and was on course to surpass its previous record closing high set earlier this summer. By 9:35 a.m. Eastern time, the Dow Jones Industrial Average had climbed 658 points, or 1.2%, extending gains beyond the record it set a day earlier, while the Nasdaq Composite advanced 1.1%.Despite persistent concerns over elevated inflation, the Iran conflict and the possibility of an AI-driven stock market bubble, Wall Street has continued to scale new highs, supported by robust corporate earnings. According to an AP report, Palantir Technologies was among the top gainers, with its shares soaring 19.8% after Chief Executive Officer Alex Karp said the company’s revenue had surged 93% year-on-year during the spring quarter, describing it as an “otherworldly” quarter. Along with reporting quarterly earnings that exceeded analysts’ expectations, the AI software company also raised its full-year 2026 revenue guidance.Caterpillar shares jumped 10.5% after the heavy equipment manufacturer posted quarterly profit and revenue that surpassed market estimates. The company also crossed the $20 billion mark in quarterly sales and revenue for the first time. CEO Joe Creed said Caterpillar continued to witness strong order inflows and an expanding backlog across its core businesses.The two companies added to a growing list of firms such as Amazon and Microsoft, that have delivered stronger-than-expected quarterly results. According to FactSet, companies in the S&P 500 were expected to report nearly 50% year-on-year growth in earnings per share for the spring quarter heading into this week.Such growth would be the strongest earnings expansion since the extraordinary rebound in the spring of 2021, when the US economy was recovering rapidly from the COVID-19 pandemic.Equities also received support from another decline in crude oil prices on Tuesday.Brent crude, the global benchmark, fell 4.2% to $80.29 a barrel as optimism once again replaced fear in the oil market. Throughout July, prices fluctuated sharply between $72 and $102 a barrel amid uncertainty over when the conflict with Iran would allow oil tankers to resume unrestricted movement through the Persian Gulf. As geopolitical developments shifted, crude prices repeatedly swung between gains and losses.The latest decline in oil prices also pushed bond yields lower, easing pressure on both the broader economy and financial markets.The yield on the benchmark 10-year US Treasury note dropped to 4.63%, compared with 4.70% on Monday and 4.75% at the end of last week. Although this marked a significant move in the bond market, yields remained considerably higher than the 3.97% level seen before the Iran conflict began.Across international markets, equity indices posted modest gains in most parts of Europe and Asia.South Korea stood out, with the Kospi advancing 1.6%. The benchmark has witnessed some of the sharpest swings globally in recent weeks because it is heavily weighted towards AI-linked technology giants Samsung Electronics and SK Hynix.The Kospi had fallen 5.1% before rebounding 17.9% over the previous two trading sessions.Semiconductor stocks also traded higher on Wall Street, providing strong support to the broader market. Nvidia rose 2.4%, Micron Technology climbed 6.9%, and Broadcom gained 4.7%, making them among the biggest contributors to the S&P 500’s advance.



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