Finance

Stronger-than-expected spring quarterly results powered individual stock gains across sectors. Palantir Technologies saw its shares leap over 26% after reporting explosive revenue growth driven by artificial intelligence demand, while industrial giant Caterpillar also jumped to help lead the blue-chip index higher.

West Texas Intermediate and Brent crude futures fell sharply, dropping around 5% following indications of an imminent deal to reopen the critical Strait of Hormuz waterway. The de-escalation of tensions between the United States and Iran helped diminish inflation anxieties and pushed Treasury yields lower.

An extended post-earnings rally pushed Amazon's market capitalization above the $3 trillion milestone for the first time. The e-commerce and cloud computing giant joins an exclusive tier of corporate entities to achieve this valuation level, reflecting a broader stabilization in the technology sector.