Finance

Shares of Palantir Technologies rocketed nearly 30% following an impressive quarterly report and an upward revision to its full-year outlook. Industrial heavyweight Caterpillar also boosted market sentiment after reporting record-breaking quarterly revenue that eclipsed the $20 billion threshold.

Brent crude futures tumbled more than 5% to fall below $80 per barrel amid growing optimism for a diplomatic resolution regarding the Strait of Hormuz. The retreat in energy costs subsequently helped alleviate pressure on Treasury yields, fostering a more relaxed environment for the broader economy.

The PHLX Semiconductor Index soared over 6% today, fueled by robust gains from prominent chipmakers. Leading the market charge were standout performances from companies like Micron Technology, Broadcom, and Nvidia, which heavily offset localized losses in other sectors.