Finance

Strong earnings results from heavyweights Palantir Technologies and Caterpillar provided a substantial boost to market sentiment. Palantir's shares skyrocketed after reporting massive revenue growth driven by artificial intelligence demand, while Caterpillar benefited from increased orders for data-center backup power equipment.

Global oil benchmarks declined sharply, with Brent crude dropping toward $79 per barrel and West Texas Intermediate falling to approximately $76 per barrel. This downward pressure followed comments from Treasury Secretary Scott Bessent indicating that a deal to reopen the heavily disrupted Strait of Hormuz could be finalized imminently.

The broader cryptocurrency market cap fell slightly, but major assets like Bitcoin and Ethereum maintained relatively tight trading ranges. While retail volumes have generally cooled, over-the-counter data underscores a fundamental shift as institutional players continue to absorb liquidity and mitigate traditional crypto market volatility.