US Stocks Near Record Highs on Strong Earnings and Falling Oil Prices

The US stock market continued its upward trend on Tuesday, moving closer to fresh record highs. The S&P 500 index gained 0.6%, while the Dow Jones Industrial Average rose by 1.2% and the Nasdaq Composite advanced 1.1%. Palantir Technologies was among the top gainers, with its shares increasing by 19.8% after reporting a surge in revenue of 93% year-on-year during the spring quarter.

Caterpillar also posted strong results, with its shares jumping 10.5% following quarterly profit and revenue that exceeded market estimates. The company's CEO Joe Creed said it continued to witness strong order inflows and an expanding backlog across its core businesses.

The robust corporate earnings supported the market despite persistent concerns over elevated inflation and the Iran conflict. Crude oil prices also declined, with Brent crude falling 4.2% to $80.29 a barrel. The latest decline in oil prices pushed bond yields lower, easing pressure on both the broader economy and financial markets.