The S&P 500 Index closed up 1.79%, reaching an all-time high on Tuesday, along with the Dow Jones Industrial Average, which rose 1.71%. The Nasdaq 100 saw a significant increase of 3.32%, bolstered by strong earnings reports, particularly from Palantir Technologies and Zebra Technologies, which surged 29% and 28% respectively after exceeding revenue predictions and issuing positive forecasts.
In economic news, U.S. factory orders unexpectedly fell by 0.3% in June, and job openings decreased by 178,000 to 7.359 million. Additionally, the June U.S. trade deficit was slightly larger than expected at $73.3 billion. Meanwhile, September WTI crude oil prices dropped over 5% to a three-week low, influenced by hopes for a deal between the U.S. and Iran to reopen the Strait of Hormuz, adding to market optimism.
Markets are currently pricing in a 58% likelihood of a 25 basis point rate hike at the upcoming Federal Open Market Committee meeting on September 15-16, as global stock markets also saw gains, with the Euro Stoxx 50 rising to a new all-time high.
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