U.S. equities powered to fresh record highs by midday Tuesday as blowout guidance from Palantir Technologies Inc. (NASDAQ:PLTR) and a Caterpillar Inc. (NYSE:CAT) earnings beat reignited the AI trade, while crude oil tumbled more than 5% on growing conviction that a deal to reopen the Strait of Hormuz is days away.
Treasury Secretary Scott Bessent told CNBC that “we may have an Iran deal tomorrow to open Hormuz.”