Live Markets: Wall Street indexes rise with some bullish earnings, sliding oil
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WALL STREET INDEXES RISE WITH SOME BULLISH EARNINGS, SLIDING OIL
Wall Street's three major indexes are rallying on Tuesday with the S&P 500 .SPX and the Dow Jones Industrial Average .DJI hitting record highs after some bullish earnings reports appeared to reassure investors along with a drop in oil futures on the latest hopes for a U.S.-Iran agreement.
In earnings, shares of Caterpillar Inc CAT.N are up 4.8% after the company raised its annual revenue forecast and beat second-quarter profit estimates as it benefited from a buildout of AI data centers that has spurred demand for its power-generation and construction equipment. It is the biggest percentage gainer in the Dow.
Shares in Palantir Technologies PLTR.O are soaring 25% after the company raised its annual revenue forecast late on Monday, signaling strong government and commercial demand for its data analytics software, putting it among the top gainers in the S&P 500 technology index .SPLRCT.
In the latest data, U.S. factory orders for June fell 0.3% compared with a 1.1% decline in May, according to the Commerce Department. The consensus expectation was for an increase of 0.2%.
Also, the U.S. Labor Department showed a drop in job openings to 7.359 million in June from 7.537 million in May with a sharp decline in the healthcare and social assistance sector. However, hiring rose and layoffs were low.
Among the S&P 500's 11 major industry sectors, four are advancing with technology leading the gainers, up more than 3%. Chips are a big technology driver with the Philadelphia semiconductor index .SOX rallying more than 5%.
The S&P 500 software & services index .SPLRCIS, which includes Palantir, is up 3%. Another big gainer in that index is research and advisory firm Gartner IT.N, which is jumping 15% after it beat Wall Street estimates for second-quarter profit, helped by growth in its conferences business.
Utilities .SPLRCU is the biggest S&P 500 sector laggard with a 1% drop. Energy .SPNY has pared earlier losses, but is down 0.9% even as oil prices are down more than 4%.
Oil futures' drop to a three-week low came after comments by Qatar and U.S. Treasury Secretary Scott Bessent raised hopes for a diplomatic resolution to the Middle East conflict, which would improve oil flows through the Strait of Hormuz, a key energy conduit.
Here is your late morning snapshot from 11:07 a.m. ET (1507 GMT):
(Sinéad Carew)
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EARLIER ON LIVE MARKETS:
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EUROPE'S SMALL-CAP CONTRADICTION CLICK HERE
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US OIL MARKET SUPPORT MIGHT BE WANING CLICK HERE
STOXX AT RECORD HIGH ON TECH, INDUSTRIALS STRENGTH CLICK HERE
BEFORE THE BELL: EUROPEAN FUTURES EDGE HIGHER, HEAVY EARNINGS DAY CLICK HERE
