Finance

Technology equities led the broader market performance, with the Nasdaq Composite climbing 2.6% to notch its strongest four-day stretch in over a year. The rally was heavily supported by enterprise software provider Palantir Technologies, which skyrocketed nearly 30% on blowout earnings and an upgraded annual revenue forecast. Concurrently, the semiconductor sector experienced a broad rebound, with the Philadelphia Semiconductor Index jumping 6.6% to recoup recent losses.

Global energy benchmarks declined significantly on Tuesday following reports of potential diplomatic breakthroughs between the United States and Iran. Comments indicating progress toward reopening the critical Strait of Hormuz sent Brent crude below $80 per barrel and caused West Texas Intermediate futures to slide nearly 6%. The reduction in oil prices provided immediate relief to market participants concerned about persistent energy-driven inflationary pressures.

U.S. sovereign bond yields retreated from their multi-month highs in lockstep with falling commodity prices. The benchmark 10-year Treasury yield dropped roughly five basis points to sit near 4.63%, alleviating pressure on borrowing costs for corporations and consumers alike. The cooling energy market prompted fixed-income investors to scale back aggressive bets regarding upcoming Federal Reserve monetary tightening.