US Stocks Surge on AI-Boosted Earnings and Falling Oil Prices
The US stock market saw significant gains on Tuesday, with the S&P 500 and Dow closing at record highs. The move was fueled by strong earnings reports from AI-related companies such as Caterpillar and Palantir.
Palantir Technologies led the charge, soaring 29.5 percent after raising its annual revenue forecast. This marked the company's largest daily percentage gain since February 2024.
Caterpillar also performed well, jumping 5.6 percent after increasing its annual revenue growth forecast. The company's performance was driven by the growing demand for its power-generation and construction equipment, as AI data centres continue to be built out.
Investors have been closely monitoring earnings from AI-linked companies this season, looking for signs that the significant spending in the space will pay off.