Finance

Strong quarterly performances from major companies provided a substantial lift to the broader market. Palantir Technologies saw its shares skyrocket over 25% following exceptional revenue gains and an increased full-year outlook, while Caterpillar also topped analyst expectations due to heightened demand for data center power equipment.

International crude benchmarks tumbled sharply, with Brent futures dropping roughly 4% to 5% to hover near the $80 per barrel mark. The decline followed comments from Treasury Secretary Scott Bessent suggesting that a diplomatic deal to reopen the strategically vital Strait of Hormuz could be finalized imminently.

Investor focus turned toward the aerospace sector as SpaceX prepared to report its first quarterly results since its historic initial public offering. Wall Street analysts anticipate significant revenue growth driven by its satellite internet and artificial intelligence infrastructure segments, though potentially accompanied by wider per-share losses.