US Stock Market Hits Record High Amid Hopes for Strait of Hormuz Reopening
Summary
US stocks hit record highs as hopes grew for a deal to reopen the Strait of Hormuz, while crude oil prices fell sharply. Palantir Technologies surged after forecasting stronger-than-expected quarterly earnings.
Key Points
- The S&P 500 rose 1.8% to a new all-time high, while the Dow Jones Industrial Average also set another record.
- Palantir Technologies jumped 29.5% after projecting second-quarter revenue of US$1.94 billion, beating market expectations.
- Asian markets followed Wall Street higher, with Japan’s Nikkei 225 and South Korea’s KOSPI posting strong gains.
- Brent crude fell about 5% overnight as progress in talks on reopening the Strait of Hormuz eased supply concerns.
