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S&P 500 hits record as tech earnings lift Nasdaq and Dow
The S&P 500 rose 0.7% to a record high, while Palantir, Zebra, and Caterpillar surged after Q2 results and upgraded full year forecasts.
US stocks climbed to fresh highs as strength in technology stocks followed better-than-expected earnings, pushing the S&P 500 to a record level. The S&P 500 was up 0.7%, the Dow Jones Industrial Average gained 1.0%, and the Nasdaq 100 rose 2.0%. Palantir Technologies jumped more than 21% after reporting stronger-than-expected Q2 revenue and raising its full-year revenue outlook. Zebra Technologies gained more than 18% after posting better-than-expected Q2 EPS and lifting its full-year EPS forecast, while Caterpillar rose more than 10% following Q2 adjusted EPS that topped consensus.
Oil prices also moved lower, which helped sentiment for equities. Crude prices turned sharply down after Qatar said a draft proposal to revive US and Iran talks has been circulated, after earlier gains tied to President Trump’s threat of fresh air strikes if the Strait of Hormuz is not reopened.
The report also noted the US June trade deficit widened to 73.3 billion dollars, slightly above expectations of 73.0 billion dollars, a negative factor for second-quarter GDP. It added that September WTI was down more than 3% to a three-week low following the cautious comments from a Qatari spokesman.
Latest closeWTI crude $75.12 ▼0.9%|S&P 500 7,723.55 ▼0.2%|Nasdaq Comp. 26,363.44 ▼0.8%