US stock market hits record highs as AI profits pile and oil prices ease
Summary
The US stock market reached record highs as companies reported higher profits, especially those involved with artificial intelligence (AI). Oil prices fell, helping push stocks up, while technology and industrial companies showed strong gains.Key Facts
- The S&P 500 rose 1.8%, reaching a new all-time high.
- The Dow Jones industrial average gained 907 points (1.7%), setting another record.
- The Nasdaq composite jumped 2.6%, led by big tech and chip companies.
- Palantir Technologies’ stock surged 29.5% after reporting a 93% increase in revenue and raising its 2026 forecast.
- Caterpillar’s shares rose 5.6% after it reported over $20 billion in sales for the first time and benefitted from AI-related orders.
- Oil prices dropped 5.3% to $79.36 per barrel, easing concerns about supply disruptions.
- The yield on the 10-year US Treasury fell, lowering borrowing costs for consumers and businesses.
- Chip companies Nvidia, Broadcom, and Micron saw strong stock gains, while Chipotle’s stock fell nearly 10% due to a salmonella scare.
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