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US stocks climb on Strait of Hormuz prospects
U.S. stocks rose significantly on Tuesday, driven by strong results from several companies such as Palantir and tech firms, amid investor anticipation of developments in negotiations with Iran regarding the reopening of the Strait of Hormuz. The S&P 500 index increased by 0.5%, the Nasdaq by 0.9%, while the Dow Jones Industrial Average jumped 772 points (1.4%), with Caterpillar's shares soaring 12% after positive quarterly results and revenue growth forecasts. Conversely, oil prices declined by about 3% due to reports suggesting a potential agreement with Iran to open the strait, with West Texas Intermediate futures falling to around $77 per barrel. The U.S. Treasury Secretary predicted that talks with Iran could lead to a near-term agreement. Technology companies like NVIDIA and Microsoft experienced notable gains, alongside excellent results from Palantir, which posted $764 million in revenue—a 149% increase—and raised its revenue growth outlook. Shares of other companies such as Micron and Marvel Technology also rose.
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