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Tech stocks boosted the major indexes on Tuesday morning as markets eyed Middle East talks and earnings rolled in, with the arrival of SpaceX's (SPCX) earnings after the bell in focus.
The tech-heavy Nasdaq Composite (^IXIC) led stocks higher, surging over 2%, while the S&P 500 (^GSPC) added 1.5%, pacing for a record high close.
The blue-chip Dow Jones Industrial Average (^DJI) built on its ownrecord high on Mondaywith a 1.7% gain.
A slew of important earnings updates helped lift stocks on Tuesday.
Caterpillar (CAT), the Dow's second-largest component by weight and an industrial beneficiary of the AI build-out, gained 6% after its sales and revenue topped $20 billion for the first time.
Palantir (PLTR) stock also soared 26% following what CEO Alex Karp deemedan "otherworldly" quarter.
In the second quarter, Palantir's commercial revenue from the US government surged 90% year over year.
That helped propel a rally in chip and tech stocks, as the PHLX Semiconductor Index (^SOX) jumped 6% and stocks such as Intel (INTC), Micron (MU), and Nvidia (NVDA) gained momentum.
Other companies reporting earnings on Tuesday include Advanced Micro Devices (AMD),McDonald's Corporation(MCD), and Spotify (SPOT).
The standout, however, will be SpaceX's first quarterly earnings report since going public.
Thestock has been in free-fallsince its IPO in June, sending a warning signal to other megacap companies looking to enter public markets.
Crude oil prices, meanwhile, continued to slide after Treasury Secretary Scott Bessent told CNBC that there's "a chance we may have a deal today or tomorrow" to open the Strait of Hormuz.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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