US Stock Market Soars on US-Iran Optimism
The US-Iran talks have brought about renewed optimism in the markets, leading to a surge in oil prices and a rebound in risk appetite.
All three major US stock indexes, Dow Jones Industrial Average, Nasdaq Composite Index, and S&P 500 Index, hit new highs, with the Dow rising 1.71% to 54,084.99 points and the S&P 500 advancing 1.79% to 7,736.52 points.
The Philadelphia Semiconductor Index also saw significant gains, increasing by 6.55% to 12,179.26 points, with 29 of its 30 constituents rising in value.
A number of tech stocks performed well, including Palantir, which rose 29.45% after beating earnings expectations with a 93% year-over-year revenue growth to $1.94 billion, and Marvell Technology, which increased by 12.81% following the launch of its AI memory infrastructure product line.
Meanwhile, oil prices declined as investors became more optimistic about a potential US-Iran agreement, which could lead to an increase in energy exports and a subsequent decline in prices.