US Stocks Surge as Profits Soar and Oil Prices Slide Again

The US stock market is poised to open with gains on Tuesday as companies continue to report strong profits. The S&P 500 has shot up 1.9% and is on track to clear its all-time high set a couple months ago, while the Dow Jones Industrial Average added 1,009 points, or 1.9%, to its own record.

Despite concerns about inflation and a possible bubble in stock prices due to the AI boom, corporate profits are soaring, with Palantir Technologies leading the way after reporting a 93% increase in revenue for the spring quarter. Caterpillar also reported stronger profit and revenue than analysts expected, benefiting from increased orders for turbines used to power data centers.

Oil prices dropped another 5.4%, or $4.25 per barrel, to $79.25 per barrel as hope took over from fear in the oil market, easing Wall Street's worries about inflation and pulling down yields in the bond market.