US Market Hits Record Highs Amid Eased Tensions with Iran
The US stock market kicked off Tuesday, August 4, with a blockbuster rally as negotiations for peace between the US and Iran progress. AI and technology-related stocks saw massive buying trends.
The Dow Jones Industrial Average index skyrocketed by 627.85 points or 1.2% to trade around 53,806.26, touching an all-time high of 53,983.16. This stellar demand was fueled by strong quarterly earnings from companies like Palantir Technologies and Caterpillar, which zoomed by a whopping 15% and 10%, respectively.
The S&P 500 also touched a new all-time high of 7,678.27 on Tuesday, up by 80.81 points or 1.06%. The tech-heavy Nasdaq Composite index soared nearly 2%, with Nvidia surging by over 2% and Microsoft gaining 1.7%.
The easing of US-Iran tensions also worked as a bearish zone for crude oil prices, which erased their early gains and traded lower by 3-4%. The US dollar traded firmer around the 99.92 mark, but its momentum was volatile due to eased inflationary concerns and reduced probability of rate hike from the US Federal Reserve in September.