Stocks Soar on Earnings and Hopes for Hormuz Deal

Stocks surged to record highs on Tuesday as investors eyed Middle East talks and earnings reports. The tech-heavy Nasdaq Composite led the way, gaining over 2.6%.

The S&P 500 also reached a new high, adding 1.8%, while the Dow Jones Industrial Average jumped 1.8%, adding 900 points.

Caterpillar's sales and revenue topped $20 billion for the first time, propelling industrial stocks higher. Palantir's commercial revenue from the US government surged 90% year over year, sending its stock soaring nearly 30%.

Chip and tech stocks rallied as a result, with the PHLX Semiconductor Index jumping 6%. Intel, Micron, and Nvidia also gained momentum.