US Stocks Near Record High on Strong Profits and Dropping Oil Prices
The US stock market continues its upward trend, nearing an all-time high as major companies report strong profits and oil prices drop. The S&P 500 rose 0.5% early Tuesday, while the Dow Jones Industrial Average surged 788 points from its previous record set the day before.
Palantir Technologies led the gains after reporting a 93% gain in revenue and raising its revenue forecast for the year. This comes as oil prices fell 2.8%, with Brent crude dropping to $81.90 a barrel.
The decline in oil prices may be attributed to President Donald Trump's criticism of oil companies for excessive profits during the Iran conflict. However, Treasury Secretary Scott Bessent hinted at a possible deal to open the Strait of Hormuz and normalize the situation, which could stabilize oil prices further.