US stocks rally after Scott Bessent remarks and Palantir earnings
The US stock market had a huge day on Tuesday. Dow Jones shot up 1,041 points (2%), with the Nasdaq and S&P 500 also climbing.
Investors were pumped after Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could happen soon, easing worries about global tensions.
Strong earnings from Palantir added to the upbeat mood.
Oil tumbles, Palantir and tech rally
Talks of an Iran deal sent oil prices tumbling (Brent down 5.3%, WTI down 5.4%), which could mean cheaper energy for everyone.
Meanwhile, Palantir's stock soared nearly 30% after announcing its revenue nearly doubled thanks to surging demand for AI tools. CEO Alex Karp called it part of the "sovereign AI revolution."
Other chip and tech stocks like Marvell, Micron, NVIDIA, Caterpillar, and SpaceX joined in on the rally as investors cheered strong results across sectors.