US Stocks Surge Toward Record as Profits Soar and Oil Prices Ease

The US stock market is on track to break its own record as companies continue to pile up profits and oil prices ease.

Catalyst stocks Palantir Technologies and Caterpillar led the charge, with Palantir's revenue jumping 93% in what CEO Alex Karp called an 'otherworldly' quarter. The company also raised its revenue forecast for the full year of 2026.

The AI boom is driving growth across various industries, including heavy-equipment maker Caterpillar, which saw strong order rates and a growing backlog. McDonald's also topped analysts' expectations for profit during the spring despite increased pressure from expensive gasoline and economic worries.