S&P 500 leaps 1.8% to an all-time high as profits keep piling up for US companies and as oil prices ease
Strong earnings from AI-linked companies and easing oil prices lifted Wall Street to record highs, with the S&P 500 up 1.8% and the Dow 1.7%.
- The Dow Jones Industrial Average and the Nasdaq hit record highs on Tuesday as corporate profits surged and oil prices eased, propelling Wall Street to a new apex.
- Companies delivered exceptional earnings, with nearly 50% growth in quarterly earnings per share—the largest jump since 2021—as the economy remained resilient despite inflation concerns.
- Palantir Technologies soared 29.5% after CEO Alex Karp reported 93% revenue growth, calling it an "otherworldly" quarter, while Caterpillar climbed 6.6% after surpassing $20 billion in quarterly sales.
- Brent crude fell below $80 per barrel while the 10-year Treasury yield dropped to 4.63% from 4.70%, easing inflation pressure on borrowing costs and the broader economy.
- Reports showed employers advertised nearly 7.4 million job openings at month-end, while markets in Europe and Asia rose modestly, signaling continued economic stability amid persistent inflation concerns.
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Dow, Standard and Poor’s 500 close at record on AI-linked earnings, Mideast deal hopes
NEW YORK — The Standard and Poor’s 500 and the Dow closed at record highs on Tuesday, powered by the latest batch of earnings from AI-related companies such as Caterpillar and Palantir that assuaged demand concerns, while crude prices and Treasury yields dropped on hopes for a deal in the Iran war. The post Dow, Standard and Poor’s 500 close at record on AI-linked earnings, Mideast deal hopes appeared first on Hawaii Tribune-Herald.
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S&P Hits Record High as 86% of Members Blow Past Wall Street Forecasts
SpaceX isn’t the only company in the solar system to outperform Wall Street’s expectations this summer. Corporate America has delivered enough stellar second-quarter financial reports to send the S&P 500 to a record high on Tuesday. Some 86% of reporting companies exceeded consensus earnings-per-share estimates as of Friday last week, according to FactSet data, well above the 67% historical average, and investors spread the love far beyond the t…
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