Wall Street Hits Record Highs Boosted by Palantir's Strong Earnings

Here is the New York stock market update.

Both the S&P 500 and the Dow Jones Industrial Average closed at all-time highs.

As the Dow surpassed the 54,000 mark and the S&P 500 exceeded the 7,700 level, the Nasdaq also rose by more than 2%.

By sector, technology stocks gained 4%, while materials and industrials both rose by 2%.

Today's gains were driven by major companies delivering strong earnings.

Heavy equipment manufacturer Caterpillar surged more than 5% as its quarterly revenue surpassed 20 billion dollars for the first time, leading the index higher. Data analytics firm Palantir also skyrocketed 29%—its biggest gain in two years—fueled by expanding AI demand and soaring quarterly revenue.

Boosted by this, the Philadelphia Semiconductor Index also jumped more than 6%.

Another factor lifting the market was the easing of geopolitical risks in the Middle East.

Expectations grew that the United States and Iran would engage in negotiations to reopen the Strait of Hormuz, causing international oil prices to plummet by more than 5%.

The relief that reduced energy cost burdens for factory operations and logistics greatly eased inflation pressures and improved investor sentiment.

Job openings for June, released on this day, met expectations, signaling that the labor market remains stable.

SpaceX, which disclosed its financial results for the first time since going public, posted revenues that beat market expectations, but its shares were down more than 7% in after-hours trading.

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