Palantir Technologies shares jumped 26% following an upward revision of its annual revenue outlook. Caterpillar, serving as a critical bellwether for the industrial sector, climbed 5.8% as the company benefits from the rapid construction of AI-focused data centers. These results have largely quelled investor anxiety regarding the sustainability of AI capital expenditures, which had been a primary concern throughout a volatile July.
Market performance remained segmented, however. While the Philadelphia Semiconductor index surged 5.8%, performance among hyperscalers was uneven; Microsoft gained 2% while Amazon dipped 2%. Geopolitical developments also played a role in the day's sentiment, with crude prices falling roughly 4% amid reports of potential diplomatic breakthroughs in the Middle East. Treasury Secretary Scott Bessent noted that negotiations regarding the Strait of Hormuz could yield results by midweek.
Earnings season has outperformed historical benchmarks thus far, with 85.2% of the 304 S&P 500 companies reporting second-quarter results having surpassed analyst estimates. The labor market also shows resilience, as recent data indicates stable hiring levels despite a decline in June job openings. As of midday, the Dow Jones Industrial Average rose 768.56 points to 53,946.83, while the S&P 500 climbed to 7,698.74.
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