Finance

International and domestic crude oil benchmarks dropped significantly after positive developments emerged regarding potential negotiations to end the U.S.-Iran conflict. West Texas Intermediate futures fell over 5% to hover near $80 a barrel, which materially eased concerns over rising inflation. The corresponding dip in oil prices has helped pull down U.S. Treasury yields, creating a more favorable macroeconomic backdrop for high-growth tech stocks.

Technology equities received a substantial boost following a blowout second-quarter earnings report and elevated full-year guidance from Palantir Technologies. Shares of the data-analytics firm soared roughly 15% in premarket trading, helping to alleviate lingering investor fears about AI spending sustainability. Additionally, major tech firms are experiencing a wider lift as Amazon recently surpassed a $3 trillion market capitalization for the first time.

Investor attention is shifting heavily toward upcoming corporate financial updates, headlined by SpaceX's first-ever quarterly earnings release as a public company. The rocket manufacturer's shares ticked up ahead of the opening bell as market participants finalize expectations for the report. A broader lineup of major companies, including Advanced Micro Devices, McDonald's, and Caterpillar, are also updating Wall Street on their recent quarters.