Finance

Oil prices experienced a notable decline of roughly 4% to 5%, with West Texas Intermediate falling toward $76 a barrel and Brent crude slipping below $80. The drop was fueled by statements from Treasury Secretary Scott Bessent suggesting a potential deal to reopen the heavily disrupted Strait of Hormuz. Investors are hopeful that a resolution could provide lasting relief against global energy inflation.

Shares of Palantir Technologies soared nearly 30% after posting an exceptional quarter driven by artificial intelligence demand, nearly doubling its overall revenue. Concurrently, industrial bellwether Caterpillar saw its stock climb roughly 7% following robust demand from data-center customers for backup power infrastructure. These individual earnings surprises heavily anchored the broader market advances during the session.

Bitcoin and Ethereum traded within narrow, mixed ranges as the global digital asset market cap hovered around $2.15 trillion. Crypto investors remain highly focused on legislative progress surrounding the Clarity Act in Congress, with warnings that delays past the summer recess could trigger downside pressure. Meanwhile, the sector observed its first U.S. spot Bitcoin ETF liquidation notice as Hashdex announced plans to close its micro-cap fund.